Daily Pivots: (S1) 136.84; (P) 137.34; (R1) 138.16; More…
USD/JPY’s break of 135.59 minor support indicates that recovery from 133.61 has completed much earlier than expected at 137.95. Intraday bias is back on the downside for 133.61, and then 133.07 medium term fibonacci level. For now, risk will stay on the downside as long as 137.95 resistance holds, in case of recovery.
In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.71) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.
