Detailed FX Market Outlook and Analysis

USD/JPY Daily Forecast 06-SEP-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays on the upside at this point. The current up trend should target a 100% projection of 126.35 to 139.37 from 130.38 at 143.40. A sustained break there could bring upside acceleration of 147.68 long-term resistance. On the downside, below 139.90 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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 pullback.

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