USD/JPY Daily Outlook
Daily Pivots: (S1) 93.46; (P) 94.21; (R1) 94.89; More...
USD/JPY's correction from 96.70 extends lower to 93.52 so far and intraday bias remains on the downside for 61.8% retracement of 90.85 to 96.70 at 93.08 and below. Recent up trend is still expected to resume later after the correction completes. Above 95.02 minor resistance will flip bias back to the upside for retesting 96.70 resistance first.
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.