Daily Pivots: (S1) 138.64; (P) 140.12; (R1) 141.08; More…
Immediate focus is now on 137.66 support in USD/JPY with today’s decline. Firm break there will resume the whole fall from 151.93, as a correction to the larger up trend. Next target is 100% projection of 146.78 to 137.66 from 142.24 at 133.12, which is close to 133.07 medium term fibonacci level. Meanwhile, outlook will stay bearish as long as 142.45 resistance holds, in case of another recovery.
In the bigger picture, a medium term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for bearish trend reversal. But even as a corrective move, such decline should target 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55 week EMA (now at 130.28).
