Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 09-August-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays mildly on the upside for the moment. A rise from 130.38 should target a test on 139.37 high. Strong resistance could be seen there to limit upside, to bring another fall, as the third leg of the consolidation pattern from 139.37. On the downside, below 132.50 minor support will resume the fall from 139.37 to 126.35 structural support.

In the bigger picture, a fall from 139.37 medium-term top is seen as correcting the whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, the outlook will stay bullish as long as 55 weeks EMA (now at 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.

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