USD/JPY Daily Outlook

Daily Pivots: (S1) 149.71; (P) 150.00; (R1) 150.44; More…

USD/JPY’s rally continues today and stays above 150 handle, without clear sign of intervention by Japan. Intraday bias stays on the upside. Current up trend would target 100% projection of 130.38 to 140.33 from 145.89 at 155.84 next. On the downside, break of 149.54 minor support will turn intraday bias neutral and bring consolidations But near term outlook will remain bullish as long as 145.89 resistance turned support holds.

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 no clearly sign of topping yet. In any case, break of 140.33 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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