Daily Pivots: (S1) 138.64; (P) 140.12; (R1) 141.08; More…
USD/JPY’s break of 139.63 minor support suggests that recovery has completed at 142.24. Intraday bias is back on the downside. Break of 137.66 will resume the decline from 151.93 to 133.07 fibonacci level, as a correction to the larger up trend. Outlook will stay bearish as long as 142.45 resistance holds, in case of another recovery.
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 130.28).
