Daily Pivots: (S1) 133.93; (P) 134.25; (R1) 134.79; More…
USD/JPY’s rally is still in progress and intraday bias stays on the upside. Rebound from1 29.62 would extend towards 137.90 resistance. For now, further rise will remain in favor as long as 132.03 support holds, in case of retreat.
In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.
