USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 159.02; (P) 159.44; (R1) 160.22; More…

Despite the deep but brief retreat, intraday bias in USD/JPY stays mildly on the upside with 158.65 minor support intact. Current rally should target 160.20 high, or possibly to 100% projection of 151.86 to 157.70 from 154.53 at 160.37. Upside could be limited there, at least on first attempt. On the downside, below 158.24 minor support will turn intraday bias neutral first. However, decisive break of 160.37 will pave the way to 161.8% projection at 163.97.

In the bigger picture, there is no sign of long term trend reversal yet. Further rally is expected as long as 150.87 resistance turned support holds. Decisive break of 160.02 will target 100% projection of 127.20 to 151.89 from 140.25 at 164.94.

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