Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 27-OCT-2022

USD/JPY daily Analysis

USD/JPY’s outlook is unchanged as consolidation from 151.93 is extending. A deeper fall might be seen but the downside should be contained by a 38.2% retracement of 130.38 to 151.93 at 143.69 to bring a rebound. The upside of the rally attempt should be limited by 151.39 resistance.

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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