USD/JPY Daily Outlook
Daily Pivots: (S1) 95.57; (P) 96.14; (R1) 96.64; More..
Intraday bias in USD/JPY remains neutral and some more consolidation would be seen below 96.70 temporary top. Deeper retreat could be seen to 4 hours 55 EMA (now at 94.72). But downside should be contained well above 92.91 support and bring another rally. Above 96.70 will extend the whole up trend 77.13 to 100 psychological level.
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.