With an intraday low in place at 93.21, some more consolidation could be seen in USD/JPY. Nevertheless, while another rise cannot be ruled out, upside should be limited by 95.05 and bring fall resumption. On the downside, below 93.21 will target 91.73 low next.
In the bigger picture, recent development suggests that rebound from 91.73 has completed already. Also, it indicates that prior break of falling channel resistance was a false break. The failure below 98.87 resistance also keeps the lower high pattern since 101.43 intact and thus argues that such down trend is still in progress. A break of 91.73 will confirm this case and bring deeper fall towards lower trend line support (now at 89.82) next. On the upside, break of 97.77 resistance, though, will revive the case that USD/JPY has bottomed out at 91.73 and will turn outlook bullish again.
In the bigger picture, recent development suggests that rebound from 91.73 has completed already. Also, it indicates that prior break of falling channel resistance was a false break. The failure below 98.87 resistance also keeps the lower high pattern since 101.43 intact and thus argues that such down trend is still in progress. A break of 91.73 will confirm this case and bring deeper fall towards lower trend line support (now at 89.82) next. On the upside, break of 97.77 resistance, though, will revive the case that USD/JPY has bottomed out at 91.73 and will turn outlook bullish again.
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