Daily Pivots: (S1) 133.93; (P) 134.25; (R1) 134.79; More…
A temporary top is formed at 134.69 in USD/JPY with current retreat. Intraday bias is turned neutral first. But further rally will remain in favor as long as 312.03 support holds. Above 134.69 will resume the rally from 129.62, towards 137.90 resistance next.
In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. 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.
