Daily Pivots: (S1) 130.50; (P) 130.79; (R1) 130.96; More…
USD/JPY’s decline from 161.93 resumed by breaking through 130.55 support and intraday bias is back on the downside. Next target is 61.8% projection of 148.44 to 133.61 from 138.16 at 128.99. Firm break there could trigger downside acceleration to 100% projection at 123.33. For now, outlook will remain bearish as long as 134.49 support holds, in case of recovery.
In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.65) would raise the chance of bearish trend reversal. Deeper fall would be seen to 61.8% retracement of 102.58 to 151.93 at 121.43. This will now remain the favored case as long as 55 day EMA (now at 137.54) holds.
