USD/JPY Daily Outlook

USD/JPY Daily Outlook

Daily Pivots: (S1) 101.99; (P) 102.48; (R1) 103.32; More...

Intraday bias in USD/JPY remains neutral for the moment. In case of break of 103.37, we'd stay cautious on strong resistance from 103.73 to bring topping. Break of 101.62 will argue that the near term trend might be reversed. Further break of 100.61 will indicate that consolidation from 103.73 is extending with a third falling leg to 96.56 support and below. However, decisive break of 103.73 will pave the way to 110 psychological level next.

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. Decisive break of 103.73 will confirm resumption of the uptrend form 75.56 and will target 50% retracement of 146.68 to 75.56 at 111.62.