Daily Pivots: (S1) 138.58; (P) 142.59; (R1) 144.96; More…
USD/JPY’s correction from 151.93 is in progress and intraday bias stays on the downside. Next target is 161.8% projection of 151.93 to 145.53 from 146.78 at 136.42. On the upside, above 143.86 minor resistance will turn bias neutral and bring consolidations first, before staying another fall.
In the bigger picture, a medium term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for bearish trend reversal. But even as a corrective move, such decline should target 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55 week EMA (now at 130.73).
