Daily Pivots: (S1) 133.80; (P) 135.39; (R1) 136.67; More…
Intraday bias in USD/JPY remains on the downside for the moment. Some support could be seen from 38.2% retracement of 127.20 to 137.90 at 133.81. Above 135.580 minor resistance will turn intraday bias back to the upside for stronger rebound. However, sustained break of 133.81 will carry larger bearish implication and target 61.8% retracement at 131.28.
In the bigger picture, down trend from 151.93 (2022 high) is tentatively seen as completed at 127.20 already. Break of 137.90 will resume the rise to 61.8% retracement of 151.93 to 127.20 at 142.48. However, sustained trading below 55 day EMA (now at 134.31) will dampen this bullish view, argue that fall from 151.93 is still on track to another low below 127.20.
