USD/JPY Daily Outlook
Daily Pivots: (S1) 94.32; (P) 94.96; (R1) 95.84; More..
No change in USD/JPY's outlook. Consolidation from 96.70 could extend further but we'd still expect strong support from 94.55 to contain downside and bring rebound to complete the correction from 96.70. However, decisive break will indicate that deeper correction is underway to 61.8% retracement of 90.85 to 96.70 at 93.08 and below. At this point, we'd still expect recent up trend to extend later to 100 key resistance 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.