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USD/JPY Mid-Day Outlook

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Daily Pivots: (S1) 93.24; (P) 93.78; (R1) 94.57; More.

USD/JPY rises further to as high as 94.57 earlier today but after all, upside is still limited below 94.68 resistance. Outlook remains neutral. On the upside, decisive break of 94.68 resistance will confirm that whole rally from 88.13 has resumed and should target 100% projection of 84.81 to 93.74 from 88.13 at 97.06 next. Before that, we might see more sideway consolidations first. Below 93.84 minor support will bring another fall but, we'd expected downside to be contained by 91.59 support to conclude the consolidation from 94.68 and bring rally resumption.

In the bigger picture, current development suggests that whole down trend form 124.13 is completed at 84.81 on bullish convergence condition in daily MACD and RSI. We'd expect stronger rally towards 101.43/65 medium term resistance zone for confirming this bullish case. On the downside, break of 88.13 support is needed to indicate that rebound from 84.81 is finished. Otherwise, outlook will remain bullish.

USD/JPY 4 Hours Chart


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