USD/JPY Daily Outlook

05 Oct 2020, 18:20 · Views 474

Daily Pivots: (S1) 104.96; (P) 105.32; (R1) 105.69;

Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 105.80 will resume the rebound from 104.00 to 106.94 resistance next. on the downside, break of 104.92 will suggest completion of rebound from 104.00. Intraday bias will be turned back to the downside for retesting this low.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016). Hence, there is no clear indication of trend reversal yet. The down trend could still extend through 101.18 low. However, sustained break of 112.22 resistance should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Reprinted from ActionForex，the copyright all reserved by the original author.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com