USD/JPY: technical picture
USD/JPY closed above 100.00 handle on Tuesday, but below this point on Wednesday to consolidate above 99.50.
Support is at 99.25/20 (yesterday’s low, 55-day MA), 98.70 (June 24 high, 50% Fibo of the decline from May to June) and 97.50. Resistance is at 100.00, 100.85 and 101.30 (top of the daily Ichimoku Cloud, 76.4% Fibo).
There’s some divergence on H4. We prefer buying on the dips to 98.70/30. Only a decline below 98.15 (bottom of the Cloud) will cause deeper slide towards 97.50, 96.00 and 93.80. As long as USD/JPY is trading above 93.75, it will target May high at 103.73.
Chart. Daily USD/JPY