Daily Pivots: (S1) 154.21; (P) 155.38; (R1) 156.08; More…
Intraday bias in USD/JPY remains on the downside at this point. Fall from 156.78 is seen as the the third leg of the corrective pattern from 160.20 high. Deeper decline would be seen to 151.86 support and possibly below. For now, risk will stay on the downside as long as 156.78 resistance holds, in case of recovery.
In the bigger picture, a medium term top might be formed at 160.20. But as long as 150.87 resistance turned support holds, fall from there is seen as correcting rise from 150.25 only. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.
