USD/JPY Daily Outlook
Daily Pivots: (S1) 98.35; (P) 99.29; (R1) 100.04; More...
USD/JPY recovers strongly today and intraday bias is turned neutral first. On the downside, below 98.54 minor support will revive the case that choppy rebound from 95.80 has completed at 100.22 already. In such case, deeper fall should be seen back to 96.81 and below. Above 100.22 will extend the rebound from 95.80 instead. Overall, the consolidation pattern from 103.73 is still in progress and more sideway trading is expected in near term.
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