USD/JPY Daily Outlook

Daily Pivots: (S1) 154.11; (P) 154.43; (R1) 155.01; More…

USD/JPY’s break of 55 4H EMA (now at 154.81) argues that pull back from 160.20 has completed at 151.86 already. Rebound from there is seen as the second leg of the corrective pattern. Intraday bias is back on the upside for 157.98 resistance. On the downside, in case of another fall, strong support should be seen from 150.87 resistance turned support to bring rebound.

In the bigger picture, a medium term top might be formed at 160.20. But as long as 150.87 resistance turned support holds, fall from there is seen as correcting rise from 150.25 only. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.

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