Daily Pivots: (S1) 145.85; (P) 146.48; (R1) 147.07; More…
Intraday bias in USD/JPY remains neutral for the moment. Further rally will remain mildly in favor as long as 145.97 resistance turned support holds. Above 148.79 will resume the rebound from 140.25 to retest 151.89/93 key resistance zone. However, firm break of 145.97 will turn bias to the downside for deeper fall towards 140.25.
In the bigger picture, stronger than expected rebound from 140.25 dampened the original bearish review. Strong support from 55 W EMA (now at 142.49) 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.
