USD/JPY rebounds further today and the break of 97.58 minor resistance suggests that fall from 101.53 might be completed at 95.80 already. Rebound from 93.78 is possibly resuming and intraday bias is back on the upside for 99.94 resistance first. Break will target 101.53 and above. On the downside, below 95.80 will turn bias back to the downside for retesting 93.78 instead. But after all, current price action is viewed as part of the whole consolidation pattern from 103.73.
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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