Daily Pivots: (S1) 146.08; (P) 146.70; (R1) 147.80; More…
USD/JPY’s rally from 140.25 continues today, and breaks through 61.8% retracement of 151.89 to 140.25 at 147.4. There is no sign of topping yet and intraday bias stays on the upside. Next target is 151.89/93 key resistance zone. On the downside, below 146.27 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 55 D EMA (now at 145.67) holds.
In the bigger picture, stronger than expected rebound from 140.25 dampened the original bearish review. Strong support from 55 W EMA (now at 141.89) is also a medium term bullish sign. Fall from 151.89 could be a correction to rise from 127.20 only. Decisive break of 151.89/93 will confirm resumption of long term up trend. This will now be the favored case as long as 140.25 support holds.
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