USD/JPY Daily Outlook
Daily Pivots: (S1) 92.59; (P) 93.14; (R1) 93.57; More...
USD/JPY jumps sharply to as high as 95.50 so far today and the strong break of 94.37 minor resistance confirmed that corrective fall from 96.70 has completed at 92.56 already. Intraday bias is back on the upside and current rally should target a retest of 96.70 high first. Break will confirm resumption of whole up trend from 77.13 and should target 100 psychological level next. Some volatility might be seen before an upside breakout but we will stay bullish as long as 93.68 minor support holds.
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.