Daily Pivots: (S1) 98.52; (P) 99.10; (R1) 100.09; More...
USD/JPY is still limited below 100 psychological level for the moment and outlook is unchanged. Price actions from 99.94 could be a consolidation pattern that has another falling leg. Below 98.95 minor support will turn bias back to the downside. But in that case, downside should be contained by 95.74 and bring rebound. Eventually, rise from 77.13 is expected to resume later and break of 100 psychological level to 161.8% projection of 77.13 to 96.70 from 92.56 at 104.65.
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. Sustained break there should at least push USD/JPY through 61.8% retracement of 124.13 to 75.56 at 105.57. Meanwhile, break of 92.56 support is needed to be the first sign of medium term topping. Otherwise, we'll stay bullish.
IMOH, Clement I.
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