Daily Pivots: (S1) 144.26; (P) 144.49; (R1) 144.91; More…
Intraday bias in USD/JPY is now on the downside with break of 55 4H EMA (now at 143.90). Correction from 145.06 is extending lower, but near term outlook will remain mildly bullish as long as 140.90 resistance turned support holds. On the upside, break of 145.06 will resume larger rise to 161.8% projection of 127.20 to 137.90 from 129.62 at 146.93.
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 138.75 support holds, to retest 151.93. But strong resistance could be seen there to limit upside. Break of 138.75 will indicate the the third leg has started back towards 127.20.
. Correction from 145.06 is extending lower, but near term outlook will remain mildly bullish as long as 140.90 resistance turned support holds. On the upside, break of 145.06 will resume larger rise to 161.8% projection of 127.20 to 137.90 from 129.62 at 146.93.){kind=link}