Daily Pivots: (S1) 101.36; (P) 101.49; (R1) 101.66;
As noted before, current development suggests that the consolidation pattern from 100.75 is still in progress and USD/JPY is not ready to take out 100.62/85 key support zone yet. Intraday bias is mildly on the upside for 102.26 resistance first. Break will target 102.79 and above. Meanwhile, below 101.06 will turn focus back to 100.65/82 support zone.
In the bigger picture, medium term up trend from 75.56 is in form of a five way impulsive move with rise from 96.56 as the fifth leg. There is no confirmation of reversal yet but a medium term top should be near, if not formed. Decisive break of 100.61 support will argue that USD/JPY has already topped out in medium term at 105.41 and should bring deeper fall back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we'll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.
As noted before, current development suggests that the consolidation pattern from 100.75 is still in progress and USD/JPY is not ready to take out 100.62/85 key support zone yet. Intraday bias is mildly on the upside for 102.26 resistance first. Break will target 102.79 and above. Meanwhile, below 101.06 will turn focus back to 100.65/82 support zone.
In the bigger picture, medium term up trend from 75.56 is in form of a five way impulsive move with rise from 96.56 as the fifth leg. There is no confirmation of reversal yet but a medium term top should be near, if not formed. Decisive break of 100.61 support will argue that USD/JPY has already topped out in medium term at 105.41 and should bring deeper fall back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we'll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.
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