Thu, Feb 02, 2023 @ 17:32 GMT

USD/JPY Daily Outlook

Daily Pivots: (S1) 136.84; (P) 137.34; (R1) 138.16; More…

Break of 137.84 suggests that USD/JPY is resuming the rebound from 133.61. The development also affirms that case of short term bottoming at 133.61. Intraday bias is back on the upside for 38.2% retracement of 151.93 to 133.61 at 140.60, which is close to 55 day EMA (now at 140.80). On the downside, however, break of 135.59 minor support will bring retest of 133.61 low instead.

In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.71) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.

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