Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 09-NOV-2022

USD/JPY Daily Analysis

USD/JPY is extending the consolidation from 151.93. Intraday bias stays neutral at this point. In case of a deeper fall, 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 148.84 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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