Thu, Jun 08, 2023 @ 18:18 GMT

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 142.71; (P) 143.17; (R1) 143.70; More…

Intraday bias in USD/JPY stays neutral and consolidation from 144.98 could extend. Deeper retreat cannot be ruled out, but downside should be contained by 139.37 resistance turned support. On the upside, break of 144.98 will resume larger up trend to 147.68 long term resistance. Break there will target 161.8% projection of 126.35 to 139.37 from 130.38 at 151.44 next.

In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). Further rise should be seen to 147.68 (1998 high). For now, break of 130.38 support is needed to be the first indication of medium term topping. Otherwise, outlook will stay bullish even in case of deep pull back.

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