Daily Pivots: (S1) 130.34; (P) 130.97; (R1) 131.54; More…
Intraday bias in USD/JPY stays neutral at this point. With 132.99 resistance intact, outlook remains bearish. On the downside, break of 129.62 will target a test on 127.20 low. Decisive break there will resume larger decline from 151.93 to 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. However, firm break of 132.99 will argue that fall from 137.90 has completed, and turn bias back to the upside for 137.90.
In the bigger picture, rebound from 127.20 should have completed at 137.90 as a corrective move. The down trend from 151.93 (2022 high) is still in progress. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.
