For coming days and maybe weeks, USD/JPY looks like it may well be caught in a range. I’ve drawn up the 240-minute chart (below) and a glance at that makes me think a range-to-lower is the most likely.
But I find it difficult to accept a lower USD/JPY, there’s just too much working for a higher USD/JPY, with the BOJ expected to embark on more aggressive actions now with a new guy as the boss and the US economy looking like its finding much firmer footing.
Support 94.50 area then around 94.00 – resistance around 96.00 and then 96.65/75.
ps. Ryan has posted his excellent thoughts on USD/JPY a little earlier:
Chart: Bloomberg