USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 132.90; (P) 133.25; (R1) 133.86; More…

Intraday bias in USD/JPY stays mildly on the upside at this point. Rebound from 130.55 short term bottom would extend to 38.2% retracement of 151.93 to 130.55 at 138.71 first. On the downside, however, break of 132.62 minor support will bring retest of 130.55 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 131.76) 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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