USDJPY pulls back sharply from 99.67 level. Moving sideways in a range between 96.84 and 99.67 could be seen in next several days. However, the price action from 98.70 is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.84 support holds, we’d expect uptrend to resume, and one more rise towards 101.00 is still possible after consolidation. Near term resistance is now at 99.67, about this level will signal the resumption of the uptrend.
