Daily Pivots: (S1) 132.90; (P) 133.25; (R1) 133.86; More…
A short term bottom should be formed at 130.55 in USD/JPY, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside. Further rise should be seen back to 38.2% retracement of 151.93 to 130.55 at 138.71 first. On the downside, however, break of 132.62 minor support will bring retest of 130.55 instead.
In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.76) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.
