USD/JPY Daily Outlook

Daily Pivots: (S1) 139.86; (P) 140.66; (R1) 141.16; More…

Intraday bias in USD/JPY remains on the downside for the moment as fall from 145.06 is in progress. Decisive break of 137.90 resistance turned support will confirm the larger bearish case, and target 127.20 and below. On the upside, above 139.74 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current downside acceleration, as seen in daily MACD, argues that fall from 145.06 is already the third leg of the corrective pattern from 151.93 (2022 high). Sustained break of 137.90 resistance turned support should confirm this case and target 127.20 (2023 low) and below. For now, this will remain the favored case as long as 145.06 resistance holds.

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