USD/JPY Daily Analysis
The immediate focus is now on 137.66 support in USD/JPY. A firm break there will resume the decline from 151.93, as a correction to a larger up trend, to a 100% projection of 146.78 to 137.66 from 142.24 at 133.12, which is close to 133.07 medium-term Fibonacci level. In any case, the outlook will stay bearish as long as the 142.24 resistance holds.
In the bigger picture, a medium-term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for a bearish trend reversal. But even as a corrective move, such a decline should target a 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55-week EMA (now at 131.22).
