[m.youssif]

Mid-Day Outlook

USD/JPY's rally extends further in early US session and intraday bias remains on the upside for 84.49 key resistance. Break will indicate medium term reversal and should target 61.8% retracement of 94.97 to 76.40 at 87.87 next. On the downside, below 83.19 minor support will turn bias neutral and bring consolidations. But downside should be contained above 80.50 support and bring another rise.

In the bigger picture, with 84.49 resistance intact, there is no confirmation of trend reversal yet and the multi-decade down trend in USD/JPY could still be in progress for a new low below 76.40. However, note that decisive break of 84.49 will argue that an important medium term bottom is formed. Focus will then turn to whether USD/JPY could sustain above 55 weeks EMA (now at 85.22). In that case, stronger rise could be seen towards 94.97 resistance and above.

[m.youssif]

Mid-Day Outlook

USD/JPY's rally extends further in early US session and intraday bias remains on the upside for 84.49 key resistance. Break will indicate medium term reversal and should target 61.8% retracement of 94.97 to 76.40 at 87.87 next. On the downside, below 83.19 minor support will turn bias neutral and bring consolidations. But downside should be contained above 80.50 support and bring another rise.

In the bigger picture, with 84.49 resistance intact, there is no confirmation of trend reversal yet and the multi-decade down trend in USD/JPY could still be in progress for a new low below 76.40. However, note that decisive break of 84.49 will argue that an important medium term bottom is formed. Focus will then turn to whether USD/JPY could sustain above 55 weeks EMA (now at 85.22). In that case, stronger rise could be seen towards 94.97 resistance and above.