Daily Pivots: (S1) 137.93; (P) 138.64; (R1) 139.42; More…
Intraday bias in USD/JPY is turned neutral first with today’s recovery. Further decline will remain in favor as long as 142.24 resistance holds. Break of 137.36 will resume the fall from 151.93 to 133.07 medium term fibonacci level. However, firm break of 142.24 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
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 131.51).
