Daily Pivots: (S1) 134.34; (P) 136.22; (R1) 137.24; More…
Intraday bias in USD/JPY remains on the downside as fall from 151.94 is in progress. Next target is 133.07 medium term fibonacci level. Some support could be seen there to bring recovery. Break of 137.66 support turned resistance will turn intraday bias neutral first. However, near term risk will stay on the downside as long as 142.24 resistance holds, even in case of 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 131.51).
