Daily Pivots: (S1) 137.34; (P) 139.91; (R1) 141.35; More…
Intraday bias in USD/JPY stays on the downside at this point. Deeper fall would be seen to 161.8% projection of 151.93 to 145.53 from 146.78 at 136.42 next On the upside, above 142.47 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 145.53 support turned resistance holds.
In the bigger picture, a medium term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for bearish trend reversal. But even as a corrective move, such decline should target 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55 week EMA (now at 130.58).
