Daily Pivots: (S1) 133.03; (P) 133.69; (R1) 134.84; More…
USD/JPY’s rise from 127.20 is still in progress and intraday bias remains on the upside Next target is 38.2% retracement of 151.93 to 127.20 at 136.64. Strong resistance could be seen there to complete the corrective rise. On the downside, break of 131.49 minor support will turn intraday bias neutral again first.
In the bigger picture, prior of 55 week EMA (now at 131.47) raises the chance of medium term bearish reversal, but that’s not confirmed yet. Strong rebound from current level, followed by sustained break of 38.2% retracement of 151.93 to 127.20 at 136.64 will argue that price actions from 151.93 is merely a corrective pattern. However, rejection by 136.64 will solidify medium term bearishness for 61.8% retracement of 102.58 to 151.93 at 121.43 and 38.2% retracement of 75.56 to 151.93 at 122.75.
