Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 20-July-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays neutral at this point. Consolidation form 139.37 is still in progress. The downside of retreat should be contained by 134.73 support. On the upside, the break of 139.37 will resume a larger up trend to a 100% projection of 114.40 to 131.34 from 126.35 at 143.29.

In the bigger picture, the current rally is seen as part of the long-term up trend from 75.56 (2011 low). Next target is 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, which is close to 147.68 (1998 high). This will remain the favored case as long as 126.35 support holds.

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