Daily Pivots: (S1) 142.07; (P) 142.65; (R1) 143.69; More…
Intraday bias in USD/JPY remains on the upside for the moment. Current rise from 127.20 would target a retest on 151.93 high. On the downside, below 141.20 minor support will turn intraday bias neutral first. But further rally will now remain in favor as long as 137.90 resistance turned support holds.
In the bigger picture, rise from 151.93 are seen as a corrective pattern to up trend from 102.58. The first leg has completed at 127.20. Rebound from there is seen as the second leg, and should be limited below 151.93. Sustained trading below 55 D EMA (now at 137.93) will argue that the third leg has started back to 127.20 and possibly below.
