USD/JPY Daily Analysis
Outlook in USD/JPY is unchanged and intraday bias stays neutral. Range trading between 126.35/139.37 will continue for a while. On the downside, the break of 130.38 will target a 100% projection of 139.37 to 130.38 from 135.57 at 126.58. On the upside, above 135.57 will resume the rebound from 130.38 to retest 139.37.
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 122.70) holds. Long term up trend is expected to resume through 139.37 at a later stage after the correction finishes.
