USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 150.01; (P) 150.35; (R1) 150.77; More…

USD/JPY’s rebound continues today but it’s still bounded in range of 148.79/151.69. Intraday bias stays neutral and outlook is unchanged. Further rally is expected as long as 148.79 support holds. Firm break of 151.69 high will resume larger up trend. However, decisive break of 148.79 will indicate rejection by 151.93 key resistance, and bring deeper fall through 147.28 support.

In the bigger picture, immediate focus is 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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