USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 147.71; (P) 148.04; (R1) 148.63; More…

Intraday bias in USD/JPY remains on the upside for the moment. Corrective fall from 150.87 could have completed at 146.47 already, after drawing support from 38.2% retracement of 140.25 to 150.87 at 146.81. Further rise should be seen to retest 150.87 next. Nevertheless, on the downside, below 148.02 minor support will turn intraday bias neutral first.

In the bigger picture, no change in the view that price action from 151.89 (2023 high) are correction to up trend from 127.20 (2023 low). The question is whether this correction has completed at 140.25, or extending with fall from 150.87 as the third leg. Sustained break of above mentioned 146.81 fibonacci level will favor the latter case. But even so, downside should be contained by 50% retracement of 127.20 to 151.89 at 139.54.

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