Daily Pivots: (S1) 131.11; (P) 132.14; (R1) 132.76; More…
Intraday bias in USD/JPY remains on the downside for the moment. Recovery from 129.62 should have completed at 133.74. Deeper fall is expected to 129.62 first. Break there will resume whole fall from 137.90 to retest 127.20 low. On the upside, however, above 133.74 resistance will turn bias back to the upside for another rise. Overall, eventual downside break out is expected as long as 137.90 resistance holds.
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.
