Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 20-OCT-2022

USD/JPY Daily Analysis

There is no clear sign of a topping in USD/JPY despite the risk of intervention by Japan to defend 150 psychological level. Intraday bias stays on the upside, and a sustained break of 150 will pave the way to a 100% projection of 130.38 to 140.33 from 145.89 at 155.84 next. Nevertheless, the break of 148.11 support should confirm short-term topping and turn bias back to the downside for a deeper pullback.

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 139.37 resistance turned 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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