Daily Pivots: (S1) 98.63; (P) 99.35; (R1) 99.80; More..
Intraday bias in USD/JPY remains neutral for the moment. Above 100.63 will indicate that rebound from 93.78 is not finished and is resuming for above 101.53. But such rebound is viewed as the second leg of the consolidation pattern from 103.73. Thus, we'd expect strong resistance below there to limit upside and bring reversal. Meanwhile, below 98.18 will revive the case that the third leg of the consolidation has already started and will turn bias to the downside for 93.78 and below.
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.
IMOH, Clement I.
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