Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 19-SEP-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY remains neutral as consolidation from 144.98 is extending. While deeper retreat cannot be ruled out, the downside should be contained by 139.37 resistance turned support. On the upside, the break of 144.98 will resume a larger up trend to 147.68 long-term resistance. Break there will target a 161.8% projection of 126.35 to 139.37 from 130.38 at 151.44 next.

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 pull back.

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