Daily Pivots: (S1) 102.17; (P) 102.38; (R1) 102.66;
No change in USD/JPY's outlook. We'd stay cautious on reversal inside 101.53/103.73 resistance zone. Break of 102.22 minor support will indicating topping and turn bias to the downside to extend the consolidation from 103.73 with another falling leg.
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.
No change in USD/JPY's outlook. We'd stay cautious on reversal inside 101.53/103.73 resistance zone. Break of 102.22 minor support will indicating topping and turn bias to the downside to extend the consolidation from 103.73 with another falling leg.
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.
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