USD/JPY Daily Outlook
Daily Pivots: (S1) 99.43; (P) 99.62; (R1) 99.93; More...
USD/JPY's rally resumes after brief consolidations and intraday bias is back on the upside. Further rally should be seen to 101.53 resistance and above. Overall, the outlook is unchanged. Consolidation pattern from 103.73 is still in progress. We'd expect strong resistance below 103.73 to bring reversal to extend the pattern. On the downside, below 98.51 minor support will turn bias back to the downside for 96.81 and then 95.80.
In the bigger picture, USD/JPY made a top at 103.73 and turned into consolidations. Some more sideway trading would be seen below 103.73. In case of another fall, downside will likely be contained by 92.56 support and bring rebound. Rise from 103.73 is expected to resume after the consolidation.