Sat, Feb 04, 2023 @ 08:05 GMT

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 134.66; (P) 135.32; (R1) 136.13; More…

Intraday bias in USD/JPY remains neutral first as range trading continues. On the downside, firm break of 133.61 support and 133.07 medium term fibonacci level will confirm resumption of whole fall from 151.93. On the upside, however, break of 137.95 will turn bias back to the upside for stronger rebound to 142.24 resistance 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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