Daily Pivots: (S1) 135.06; (P) 135.48; (R1) 136.31; More…
Intraday bias in USD/JPY stays on the upside at this point. Further rally would be seen to retest 139.37 high. Strong resistance could be seen there to bring another fall to extend the corrective pattern from 139.37. On the downside below 134.61 minor support will turn intraday bias neutral first.
In the bigger picture, fall from 139.37 medium term top is seen as 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 122.70) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.
