Daily Pivots: (S1) 143.53; (P) 144.10; (R1) 144.63; More…
Intraday bias in USD/JPY is back on the downside with break of 143.54 temporary low. Deeper decline would be seen as corrective fall from 145.06 extends. But still, overall outlook remains bullish with 140.90 resistance turned support intact. 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.
