USD/JPY Daily Analysis
USD/JPY’s decline from 151.93 resumed by breaking through the 137.46 temporary low. Intraday bias is back on the downside for 133.07 medium-term Fibonacci level next. On the upside, the break of 139.88 resistance is needed to indicate short-term bottoming. Otherwise, further fall will remain in favor in case of recovery.
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 131.51).
