USD/JPY Mid-Day Outlook
Daily Pivots: (S1) 76.40; (P) 76.66; (R1) 77.07; More.
USD/JPY jumps to 77.02 so far today and the break of 76.96 turns intraday bias to the upside for stronger rally. But after all, recent price actions from 75.94 are treated as consolidation in the larger decline only and we’d expect strong resistance form near term falling trend line (now at 77.78) to limit upside. On the downside, below 76.11 will turn bias to the downside. Further break of 75.94 will confirm resumption of whole fall from 85.51 and would target 70 psychological
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