Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 03-NOV-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays neutral as consolidation from 151.39 is extending. A deeper decline cannot be ruled out, but the downside should be contained by a 38.2% retracement of 130.38 to 151.93 at 143.69 to bring a rebound. On the upside, above 149.69 minor resistance will bring a stronger rebound back toward the 151.93 high. But the upside should be limited there to continue the corrective pattern.

In the bigger picture, the up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). 147.68 (1998 high) was already met and there is no clear sign of topping yet. In any case, the break of 140.33 support is needed to be the first sign of medium-term topping. Otherwise, further rise is in favor of the next target at 160.16 (1990 high).

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