Tue, May 30, 2023 @ 08:01 GMT

USD/JPY Daily Outlook

Daily Pivots: (S1) 131.67; (P) 132.02; (R1) 132.51; More…

Intraday bias in USD/JPY stays neutral but focus is now on 133.74 resistance. Firm break there will resume the rebound form 129.62 and target 137.90 resistance again. However, below 130.62 will resume the fall from1 37.90 through 129.62 to retest 127.20 low.

In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.

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