Daily Pivots: (S1) 130.96; (P) 132.26; (R1) 132.92; More…
USD/JPY’s decline from 139.37 is still in progress and intraday bias stays on the downside. Further fall would be seen towards 126.35 support. But strong support is expected above there, at least on first attempt, to bring rebound. On the upside, above 132.49 minor resistance will turn intraday bias neutral first, and bring some consolidations.
In the bigger picture, a medium term top should be in place at 139.37, on bearish divergence condition in daily MACD. Fall from there could be correcting whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.
