Daily Pivots: (S1) 147.33; (P) 147.92; (R1) 148.75; More…
Intraday bias in USD/JPY remains on the upside, as rise from 140.25 is in progress. Next target is 151.89/93 key resistance zone next. On the downside, below 147.06 minor support will turn intraday bias neutral and bring consolidations first. But further rally will remain in favor as long as 55 D EMA (now at 145.83) holds.
In the bigger picture, stronger than expected rebound from 140.25 dampened the original bearish review. Strong support from 55 W EMA (now at 141.89) is also a medium term bullish sign. Fall from 151.89 could be a correction to rise from 127.20 only. Decisive break of 151.89/93 will confirm resumption of long term up trend. This will now be the favored case as long as 140.25 support holds.
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