USD/JPY Mid-Day Outlook

07 Oct 2020, 15:40 · Views 423

Daily Pivots: (S1) 105.41; (P) 105.61; (R1) 105.93;

Range trading continues in USD/JPY and intraday bias remains neutral. 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.

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USD/JPY Mid-Day Outlook

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