Daily Pivots: (S1) 132.40; (P) 132.99; (R1) 133.40; More…
Intraday bias in USD/JPY remains mildly on the upside for the moment. Corrective pattern from 127.20 is extending with another rising leg. Sustained break of 55 day EMA (now at 133.43) will target 137.90 resistance. 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.
 will target 137.90 resistance. On the downside, though, break of 129.62 will bring retest of 127.20 low.){kind=link}