USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 113.69; (P) 113.96; (R1) 114.36; More…

Intraday bias in USD/JPY remains mildly on the upside for the moment. Rebound from 112.52 is in progress, for retesting 115.51 high. However, break of 113.12 support will turn bias to the downside, and resume the correction from 115.51 through 112.52 support.

In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high) on resumption. However, firm break of 109.11 structural support will argue that the trend might have reversed and bring deeper fall to 107.47 support and possibly below.

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