Daily Pivots: (S1) 152.68; (P) 154.33; (R1) 155.56; More…
USD/JPY’s fall from 161.94 continues today and there is no sign of bottoming. Intraday bias remains on the downside for 151.89 resistance turned support. Decisive break there will argue that large scale correction is underway to 148.66 fibonacci level. On the upside, above 154.09 minor resistance will turn intraday bias neutral first.
In the bigger picture, considering the depth and momentum of the current decline, 161.94 should be a medium term top already. Fall from there is seen as correcting the whole rise from 127.20 (2023 low) at least. Break of 151.89 will pave the way to 38.2% retracement of 127.20 to 161.94 at 148.66. Risk will now stay on the downside as long as 55 D EMA (now at 157.25) holds, in case of rebound.
