USD/JPY Daily Outlook

USD/JPY Daily Outlook  Daily Pivots: (S1) 119.18; (P) 119.49; (R1) 119.86;
Intraday bias in USD/JPY remains neutral first. Overall, the pair is staying in the sideway consolidation pattern from 121.84. On the downside, below 188.22 will bring another fall. But decline attempt should be CONTAINED by 38.2% retracement of 105.19 to 121.84 at 115.47 and rebound. Above 120.46 will bring resistance of 121.84. But break of 121.84 is needed to confirm larger up trend resumption.

In the bigger picture, whole medium term up trend from 75.56 is still in progress and should target a test on 124.13 resistance next. Break there would pave the way to 135.20/147.68 key resistance zone. On the downside, break of 110.08 resistance turned support is needed to confirm medium term topping, or outlook will stay bullish even in case of deep pull back.