As for a short term top should be in place at 99.67 on bearish divergence conditions in 4 hours MACD and RSI.
As of now intraday outlook remains neutral for the moment,USD/JPY is still bounded in tight range below 99.67 high and . Break of 99.67 is needed to confirm resumption of recent rally to 61.8% retracement of 110.65 to 87.12 at 101.66. Otherwise, another fall cannot be ruled out. Below 97.60 will flip intraday bias back to the downside for 38.2% retracement of 87.12 to 99.67 at 94.87 to continue the correction.

In the bigger picture, with USD/JPY still trading below 55 weeks EMA (now at 100.49) as well as medium term falling trend line resistance at 103.15, there is no indication of completion of down trend from 124.13. Having said that, we’d treat the rise from 87.12 as correction in the larger down trend only and expect strong resistance between 100 and 104 resistance zone. Below 92.50 support will suggest that such rebound has completed and will turn outlook bearish for a retest of 87.12/13 support again. However, note that decisive break of mentioned 100/104 resistance will be taken as an early alert that whole down trend from 124.13 has completed and will turn focus to 110.65 resistance for confirmation.

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