USD/JPY Daily Outlook
Daily Pivots: (S1) 96.02; (P) 96.19; (R1) 96.45; More..
USD/JPY's rally extends to as high as 96.70 so far today and intraday bias remains on the upside. Current rally is expected to continue to 100 key resistance level next. On the downside, below 95.49 minor support will turn bias neutral and bring consolidations. But downside should be contained well above 90.85 support and bring another rally.
In the bigger picture, whole decline from 124.13 should have already completed at 75.56. Stronger medium term rally could be seen back towards 101.65 key support turned resistance level. We'll see how USD/JPY responds at around 100 to judge the underlying medium term momentum for stronger up trend. Meanwhile, break of 90.85 support is needed to be the first sign of medium term topping. Otherwise, we'll stay bullish.