USD/JPY Daily Outlook

Daily Pivots: (S1) 150.50; (P) 151.10; (R1) 151.54; More…

Intraday bias in USD/JPY is turned neutral first with current retreat. A temporary top was formed at 151.69, just ahead of 151.93 key resistance. Some consolidations would be seen first. For now, further rise remains in favor as long as 148.79 support holds. Decisive break of 151.93 will target 100% projection of 129.62 to 145.06 from 137.22 at 152.66. However, firm break of 148.79 will indicate rejection by 151.93, and bring deeper fall through 147.28 support.

In the bigger picture, immediate focus is now on 151.93 resistance (2022 high). Rejection by 151.93, followed by sustained break of 145.06 resistance turned support will argue that rise from 127.20 has completed, and turn outlook bearish for 137.22 support and below. However, sustained break of 151.93 will confirm resumption of long term up trend. Next target will be 61.8% projection of 102.58 to 151.93 from 127.20 at 157.69.

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