Daily Pivots: (S1) 155.06; (P) 156.08; (R1) 156.60; More…
Intraday bias in USD/JPY remains on the downside with focus on 38.2% retracement of 140.25 to 161.94 at 153.65. Some support could be seen there to bring rebound, at least on first attempt. But risk will stay on the downside as long as 157.85 resistance holds, even in case of strong recovery. Sustained break of 153.65 would pave the way to 61.8% retracement at 148.53.
In the bigger picture, as long as 151.89 resistance turned support holds, long term up trend could still continue through 161.94 at a later stage. Next target will depend on the depth of the current correction from 161.94. However, sustained break of 151.89 will argue that larger scale correction or trend reversal is underway.
