USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 109.40; (P) 109.62; (R1) 109.87; More…

Range trading continues in USD/JPY and intraday bias remains neutral. On the downside, break of 109.05 will resume the decline from 111.65. Next target is 38.2% retracement of 102.58 to 111.65 at 108.18. On the upside, break of 110.58 will resume the rebound from 109.05, for retesting 111.65 high.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. For now, outlook won’t turn bullish as long as 111.71 resistance holds, even in case of strong rebound.

August 03, 2021 at 01:31AM
ActionForex.com
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