Daily Pivots: (S1) 138.49; (P) 139.04; (R1) 139.71; More…
Immediate focus is now on 137.66 support in USD/JPY. Firm break there will resume the decline from 151.93, as a correction to larger up trend, to 100% projection of 146.78 to 137.66 from 142.24 at 133.12, which is close to 133.07 medium term fibonacci level. In any case, outlook will stay bearish as long as 142.24 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 131.22).
