Daily Pivots: (S1) 132.28; (P) 132.62; (R1) 133.04; More…
USD/JPY’s break of 132.99 minor resistance argues that fall from 137.90 might have completed at 129.62. Rebound from there is seen as another leg of the corrective pattern from 127.20 low. Intraday bias is back on the upside for stronger rebound. On the downside, though, break of 129.62 will bring retest of 127.20 low.
In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.
