USD/JPY Daily Outlook

Daily Pivots: (S1) 151.06; (P) 151.41; (R1) 151.71; More…

USD/JPY’s breach of 151.02 support suggests short term topping at 151.96. Intraday bias is now mildly on the downside for deeper pullback to 55 D EMA (now at 149.56). On the upside, however, sustained break of 151.93 key resistance will confirm long term up trend resumption.

In the bigger picture, correction from 151.87 (2023) high could have completed at 140.25 already. Rise from 127.20 (2023 low), as part of the long term up trend, is probably ready to resume. Decisive break of 151.93 resistance (2022 high) will confirm this bullish case. Next medium term target will be 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. This will remain the favored case as long as 146.47 support holds, in case of another pullback.

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