Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 07-SEP-2022

USD/JPY Daily Analysis

USD/JPY accelerates to as high as 144.37 so far today as the up trend continues. 100% projection of 126.35 to 139.37 from 130.38 at 143.40 is already met but there is no sign of topping yet. Intraday bias stays on the upside for 147.68 long-term resistance next. On the downside, the break of 140.24 minor support is needed to indicate short-term topping. Otherwise, the outlook will remain bullish in case of retreat.

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). The further rise should be seen to 147.68 (1998 high). For now, the break of 130.38 support is needed to be the first indication of medium-term topping. Otherwise, the outlook will stay bullish even in case of a deep pullback.

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