USD/JPY Daily Outlook

Daily Pivots: (S1) 147.14; (P) 147.35; (R1) 147.69; More…

Range trading continues in USD/JPY below 147.88 and intraday bias remains neutral. In case of another pull back, near term outlook will remain bullish as long as 144.43 support holds. On the upside, firm break of 147.88 will resume larger rise from 127.20, to retest 151.93 high.

In the bigger picture, while rise from 127.20 is strong, it could still be seen as the second leg of the corrective pattern from 151.93 (2022 high). Rejection by 151.93, followed by break of 137.22 support will indicate that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.

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