Daily Pivots: (S1) 136.02; (P) 136.62; (R1) 137.53; More…
Intraday bias in USD/JPY stays on the upside, as rebound from 130.38 is in progress. Strong resistance could be seen from 139.37 high to bring another fall from to extend the corrective pattern from there. On the downside below 134.61 minor support will turn intraday bias neutral first.
In the bigger picture, price actions from 139.37 medium term top are seen as a corrective pattern to 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 123.21) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.
