USDJPY Outlook

Intraday bias in USD/JPY remains mildly on the upside for the moment. Rebound from 152.87 short term bottom should continue to 38.2% retracement of 163.97 to 152.87 at 157.11. On the downside, break of 152.87 will extend the fall from 163.87 to 149.07 fibonacci level next.

In the bigger picture, the break of 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76), together with bearish divergence condition in both D and W MACD, suggests that 163.97 is already a medium term top. Fall from would now target 61.8% retracement at 149.07 next. Firm break there will target 139.87 support.

The break of 154.79 minor resistance suggests short term bottoming at 152.87. Intraday bias is back on the upside. Sustained break of 55 4H EMA (now at 155.30) will target 38.2% retracement of 163.97 to 152.87 at 157.11. On the downside, break of 152.87 will extend the fall from 163.87 to 149.07 fibonacci level next.

In the bigger picture, the break of 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76), together with bearish divergence condition in both D and W MACD, suggests that 163.97 is already a medium term top. Fall from would now target 61.8% retracement at 149.07 next. Firm break there will target 139.87 support.

Intraday bias in USD/JPY remains neutral at this point. On the upside, firm break of 154.79 resistance should indicate short term bottoming at 152.87, and bring stronger rise to 55 4H EMA (now at 155.30). Firm break there will target 38.2% retracement of 163.97 to 152.87 at 157.11. On the downside, break of 152.87 will extend the fall from 163.87 to 149.07 fibonacci level next.

In the bigger picture, the break of 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76), together with bearish divergence condition in both D and W MACD, suggests that 163.97 is already a medium term top. Fall from would now target 61.8% retracement at 149.07 next. Firm break there will target 139.87 support.