USD/JPY Mid-Day Outlook – Action Forex
Daily Pivots: (S1) 146.72; (P) 147.70; (R1) 148.31; More…
USD/JPY’s fall from 149.17 extends lower today, but it’s still viewed as a correction to rise from 142.66 only. Intraday bias remains neutral and further rally is expected as long as 55 D EMA (now at 145.91) holds. On the upside, break of 149.17 will target 100% projection of 139.87 to 148.64 from 142.66 at 151.43. That is close to 61.8% retracement of 158.86 to 139.87 at 151.22. However, sustained trading below 55 D EMA will argue that the whole rebound from 139.87 might have completed and target 142.66 support for confirmation.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). There is no clear sign that the pattern has completed yet. But still, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. in case of another fall.
Source link
