USD/JPY fall continues today and intraday bias stays on the downside. Sustained break of 154.76/155.01 key support zone will complete a head and shoulder top (ls: 160.71; h: 163.97; rs: 160.38). That would also indicate that it’s in a larger scale correction and target 149.07 fibonacci level next. On the upside, though,m above 156.74 minor resistance will turn intraday bias neutral again first.
In the bigger picture, as long as 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76) holds, the larger up trend is still expected to continue through 163.97 after current correction completes. However, firm break of 155.01 will raise the chance that USD/JPY is already in a larger scale correction, and open up deeper fall to 61.8% retracement at 149.07 next.
. That would also indicate that it's in a larger scale correction and target 149.07 fibonacci level next. On the upside, though,m above 156.74 minor resistance will turn intraday bias neutral again first.){kind=link}