Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 31-August-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY remains neutral for the moment. Strong resistance could be seen from 139.37 to limit the upside, to start the third leg of the corrective pattern from 139.37. A break of 136.17 minor support will turn bias back to the downside for 130.38 support. Nevertheless, a decisive break of 139.37 will confirm up-trend resumption for 147.68 long-term resistance.

In the bigger picture, price actions from 139.37 medium term top are seen as a corrective pattern to up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, the outlook will stay bullish as long as 55 week EMA (now at 123.72) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes. The next target is 147.68 (1998 high).

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