USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 149.91; (P) 150.34; (R1) 150.85; More…

Intraday bias in USD/JPY is turned neutral with break of 149.84 minor support. Some consolidations would be seen first. But near term outlook will stay bullish as long as 147.28 support holds, even in case of deep retreat. On the upside, above 150.76 will resume larger rally 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 sustained 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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