USD/JPY Daily Outlook
Daily Pivots: (S1) 101.48; (P) 101.84; (R1) 102.49; More...
USD/JPY's rally resumed after brief consolidations and reaches as high as 102.27 so far. Intraday bias is back on the upside and current rally could target 103.73 resistance. We'd be cautious on reversal from there. And below 101.14 will turn bias to the downside for another leg inside the consolidation pattern from 103.73. However, sustained break of 103.73 will confirm resumption of whole up trend from 75.56.
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 75.56 is expected to resume after the consolidation.