USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 145.23; (P) 148.59; (R1) 150.97; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. More consolidation would be seen for the near term. In case of another fall, downside should be contained by 38.2% retracement of 130.38 to 151.93 at 143.69 to bring rebound. Upside of rally attempt should be limited by 151.39 resistance.

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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