USD/JPY outlook: 96/99 consolidation with bullish bias
- USD/JPY looks and feels bullish but we’ve read this book before;
- Charts show wedge consolidation between 96/99 (see chart) with an eventual bullish break favoured;
- Diverging CB policies is very bullish for USD/JPY;
- Soft risk sentiment is weighing on the Yen crosses, hence the current impasse.
- On the day, buying dips towards 97.30/35 looks like best play.