USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 147.48; (P) 147.68; (R1) 147.80; More…

Intraday bias in USD/JPY is turned neutral first as it continues to lose upside moment. Some consolidations could be seen, but further rally is expected as long as 145.88 support holds. Break of 147.94 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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