Daily Pivots: (S1) 144.31; (P) 144.61; (R1) 145.08; More…
While USD/JPY continues to lose upside momentum as seen in 4H MACD, there is no sign of topping yet. Intraday bias stays on the upside for 161.8% projection of 127.20 to 137.90 from 129.62 at 146.93. On the downside, below 143.72 minor support will turn bias again and bring consolidations. But further rally will remain in favor as long as 140.90 resistance turned support holds.
In the bigger picture, rise from 127.20 is currently seen as the second leg of the corrective pattern from 151.93 high. Further rally is expected as long as 137.90 resistance turned support holds, to retest 151.93. But strong resistance could be seen there to limit upside. Break of 137.90 will indicate the the third leg has started back towards 127.20.
