USD/JPY Daily Outlook

Daily Pivots: (S1) 149.38; (P) 149.64; (R1) 150.18; More…

There is no clear sign of topping in USD/JPY despite risk of intervention by Japan to defend 150 psychological level. Intraday bias stays on the upside, and sustained break of 150 will pave the way to 100% projection of 130.38 to 140.33 from 145.89 at 155.84 next. Nevertheless, break of 148.11 support should confirm short term topping and turn bias back to the downside for 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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