The bounce from the 91.97 low to just above 92.50 has some of the USD/JPY bears worried that we may be forming a base for a rebound in the pairing. Technically, we would need a move through the 93.60 level to trigger the pattern, which would project a rebound back to the 95.40 region. Another piece of trivia to file away if USD/JPY starts to run higher in thin summer markets.
For short-term traders, keep an eye on hourly trendline resistance around 92.75. Expect short-covering on a break back above that level.
