USD/JPY Daily Outlook

Daily Pivots: (S1) 148.80; (P) 149.09; (R1) 149.52; More…

There is no clear sign of topping in USD/JPY yet even though it continues to lose upside moment. Further rise is in favor to 61.8% projection of 130.38 to 140.33 from 145.89 at 149.91. Yet, beware that Japan might intervene again to defend 150 psychological level. On the downside, break of 146.43 minor support will indicate short term topping and bring deeper pull back.

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). 147.68 (1998 high) was already met and there is not clearly sign of topping yet. In any case, break of 139.37 resistance turned support is needed to be the first sign of medium term topping. Otherwise, further rise is in favor to next target at 160.16 (1990 high).

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