USD/JPY Daily Outlook

Daily Pivots: (S1) 149.07; (P) 149.38; (R1) 149.62; More…

Intraday bias in USD/JPY remains neutral for the moment. Consolidation from 149.70 could extend further and deeper retreat cannot be ruled out. But near term outlook will stay bullish as long as 145.88 support holds. Above 149.70 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 145.06 resistance turned support will be the first sign 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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