USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 159.33; (P) 159.55; (R1) 159.90; More…

Intraday bias in USD/JPY is back on the upside as recent rally resumed through 159.92 temporary top after brief consolidations. Decisive break of 100% projection of 151.86 to 157.70 from 154.53 at 160.37 will confirm long term up trend resumption, and pave the way to 161.8% projection at 163.97. On the downside, below 159.18 minor support will turn intraday bias neutral against first. But outlook will stay bullish as long as 157.70 resistance turned support holds.

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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