Every day Pivots: (S1) 137.99; (P) 138.57; (R1) 139.41; Extra…
No change in USD/JPY’s outlook as consolidation from 137.22 is extending. Intraday bias stays impartial for the second. Whereas additional restoration is likely to be seen, upside needs to be restricted by 55 4H EMA (now at 139.96) and convey one other decline. Break of 137.22 and sustained buying and selling beneath 137.90 resistance turned assist will verify the bigger bearish case, and goal 127.20 and beneath.
Within the greater image, fall from 145.06 is seen because the third leg of the corrective sample from 151.93 (2022 excessive). Sustained break of 137.90 resistance turned assist ought to verify this case and goal 127.20 (2023 low) and beneath. For now, it will stay the favored case so long as 145.06 resistance holds, even in case of robust rebound.
