Daily Pivots: (S1) 138.89; (P) 139.84; (R1) 140.88; More…
USD/JPY’s fall from 151.93 resumed after brief consolidations and intraday bias is back on the downside. Current decline should target 133.07 fibonacci level, as a correction to the larger up trend. On the upside, above 140.79 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
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 130.58).
