USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 146.02; (P) 147.21; (R1) 147.86; More…

USD/JPY is extending the consolidation from 151.93. Intraday bias stays neutral at this point. In case of deeper fall, downside should be contained by 38.2% retracement of 130.38 to 151.93 at 143.69 to bring rebound. On the upside, above 148.84 minor resistance will bring stronger rebound back towards 151.93 high. But upside should be limited there to continue the corrective pattern.

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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