USD/JPY Daily Outlook
Intraday bias in USD/JPY remains neutral for some consolidations above 101.09 temporary low. Upside of consolidation should be limited below 102.36 resistance and bring fall resumption. Whole decline is 105.41 is likely resuming and below 101.09 will target 100.75 and then 100% projection of 104.12 to 101.32 from 103.01 at 100.21. However, break of 102.36 will argue that the sideway pattern from 100.75 is still in progress and will bring stronger rebound back to 104.12 instead.
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.
Source: actionforex
