Daily Pivots: (S1) 132.27; (P) 133.47; (R1) 134.44; More…
Intraday bias in USD/JPY stays on the downside as fall from 139.37 is still in progress. Deeper decline should be seen to 131.34 resistance turned support and below. But strong support is expected above 126.35 to contain downside, at least on first attempt, to bring rebound. On the upside, above 134.58 minor resistance will turn intraday bias neutral first, and bring some consolidations.
In the bigger picture, a medium term top should be in place at 139.37, on bearish divergence condition in daily MACD. Fall from there could be correcting whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.
