Daily Pivots: (S1) 155.29; (P) 156.95; (R1) 157.84; More…
USD/JPY’s fall from 161.94 is seen as correcting whole rally from 140.25. Deeper decline is expected as long as 158.85 resistance holds, to 38.2% retracement of 140.25 to 161.94 at 163.65. On the upside, above 158.85 resistance will turn bias back to the upside for stronger rebound instead.
In the bigger picture, as long as 151.89 resistance turned support holds, long term up trend could still continue through 161.94 at a later stage. Next target will depend on the depth of the current correction from 161.94. However, sustained break of 151.89 will argue that larger scale correction or trend reversal is underway.
