Daily Pivots: (S1) 137.79; (P) 138.62; (R1) 139.74; More…
Intraady bias in USD/JPY remains mildly on the downside as fallf rom 151.93 is resuming. Next target is 100% projection of 146.78 to 137.66 from 142.24 at 133.12, which is close to 133.07 medium term fibonacci level. For now, near term outlook will remain bearish as long as 142.24 resistance holds, in case of 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 131.22).
