USDJPY Outlook |
Written by ActionForex.com |
Sep 19 13 12:58 GMT
USD/JPY Mid-Day Outlook
Daily Pivots: (S1) 97.34; (P) 98.33; (R1) 98.92; More...
USD/JPY's fall was contained at 97.76 and rebounded strongly after hitting lower channel support. Intraday bias is turned neutral first. The development argues that rebound from 95.80 is possibly no over yet. Above 99.37 will turn bias to the upside for 100.61 and above. Below 97.76 will turn bias back to the downside for 96.81 support. Overall, the pair is still bounded in consolidation from 103.73 and more range trading could be seen.
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.
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