Daily Pivots: (S1) 135.93; (P) 136.89; (R1) 137.57; More…
Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed below signal line. On the downside, break of 135.95 minor support will indicate rejection by 4 hour 55 EMA, and turn bias back to the downside for retesting 133.61 low. On the upside, above 137.84 will resume the rebound to 55 day EMA (now at 141.20).
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 131.33). Some support should be seen around this zone to bring rebound. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.
