USD/JPY Mid-Day Outlook
Daily Pivots: (S1) 76.46; (P) 76.96; (R1) 77.31; More.
No change in USD/JPY’s outlook. We’ll remain slightly bearish as long as 77.48 resistance holds and favor an eventual downside break out through 75.94 support. Nevertheless, sustained break of 77.48 will argue that whole decline from 85.51 is possibly over and further rise would be seen back towards 80.23 resistance.
In the bigger picture, USD/JPY is still staying well inside the falling channel that started back in 2007 at 124.13. There is no indication
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