Thu, Dec 08, 2022 @ 06:42 GMT

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 145.01; (P) 145.97; (R1) 146.64; More…

Intraday bias in USD/JPY stays neutral as consolidation from 151.93 is extending. Deeper decline might be seen but 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).

Featured Analysis

Learn Forex Trading