Daily Pivots: (S1) 133.18; (P) 133.50; (R1) 134.01; More…
Intraday bias in USD/JPY is back on the upside as rebound from 129.62 is resuming by breaking 133.74 resistance. Further rise would be seen towards 137.90 resistance again. On the downside, though, below 132.92 minor support will turn intraday bias neutral first. Further break of 130.62 should resume the fall from 137.90 through 129.62 to retest 127.20 low.
In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.
