Daily Pivots: (S1) 136.16; (P) 136.63; (R1) 137.23; More…
Focus stays on 38.2% retracement of 151.93 to 127.20 at 136.64 in USD/JPY. Sustained break there will indicate that fall from 151.93 has completed, and bring further rally to 61.8% retracement at 142.48. Nevertheless, rejection by this fibonacci level, followed by break of 135.24 support, will argue that rebound from 127.20 has completed, and turn bias back to the downside.
In the bigger picture, focus is now on 38.2% retracement of 151.93 to 127.20 at 136.64. Sustained break there will indicate that price actions from 151.93 medium term are merely a corrective pattern. Such development will maintain long term bullishness. Rejection by 136.64 will, on the other hand, extend the fall from 151.93 to 61.8% retracement of 102.58 to 151.93 at 121.43 at a later stage.
