Midday Outlook USD / JPY | Forex action

 

 

Daily Pivots: (S1) 105.30; (P) 105.48; (R1) 105.70; More…

With support at 104.92 intact, another rise is expected in USD / JPY for the 55-day EMA (now at 105.97). The sustained breakout of the 55-day EMA will increase the odds of a bullish reversal and target the resistance at 106.94 for confirmation. On the downside, however, minor support below 104.92 will reduce the bias to the downside for a retest of 104.00 instead.

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Overall, the USD / JPY still remains in the long term downtrend channel which started at 118.65 (December 2016). Therefore, there is no clear indication of a trend reversal yet. The downtrend could extend further to the 101.18 low. However, a sustained breakout of resistance at 112.22 should confirm the completion of the downtrend and make the outlook bullish to 118.65 and above.

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