Daily Forex Analysis – USD/JPY
USD/JPY’s ascendancy continues, positioning the Daily Forex Analysis firmly on the upward trajectory. The ongoing elevation from 127.22 is projected to prompt a reevaluation of the 151.93 peak. A descent below 147.49 minor support will initially neutralize the intraday bias. Nevertheless, the outlook maintains its bullish stance as long as the 145.88 support remains resilient, even in the scenario of a drawback.
For a more comprehensive perspective, the substantial elevation from 127.22, although potent, might be interpreted as a component of the secondary phase of the correction pattern originating from 151.93, the high of 2022. A denial at 151.93, succeeded by the undermining of 137.20 support, would signify the commencement of the pattern’s tertiary phase. Conversely, a consistent surpassing of 151.93 will validate the renewal of the extended upward trend.
This Daily Analysis of USD/JPY suggests the focus is on the retesting of 151.93 high, considering the strength in the rise from 127.22. The USD/JPY Intraday Analysis remains optimistic with potential adjustments occurring should the minor support levels be compromised.
Analysis Summary
The USD/JPY is experiencing a sustained rally, with a focus on retesting the 151.9320 high, originating from the impressive rise at 127.20. The Daily Forex Analysis maintains a bullish outlook with considerations for adjustments contingent on minor support level deviations.
Key Points
- USD/JPY targets a retest on 151.9320 high, sustaining a bullish outlook.
- Minor support at 147.4920 holds significance in maintaining intraday bias.
- Long-term trends could see resumption upon sustained break of 151.93.
