USD/JPY Daily Analysis
The USD/JPY currency pair is currently trading in the range of 135.24/137.09, and the intraday bias remains neutral. If the support at 135.24 is broken, it could indicate a short-term topping out after being rejected by the 38.2% retracement level of 151.93 to 127.20 at 136.64. This would turn the intraday bias towards a downside, with the 55-day EMA at 134.05 being the first target. If the 55-day EMA is broken, it would indicate that the entire rebound from 127.20 has been completed. On the other hand, if the resistance level at 136.64 is broken, it would indicate that the fall from 151.93 has ended, and there would be a further rally to the 61.8% retracement level at 142.48.
In the bigger picture, the focus is still on the 38.2% retracement level of 151.93 to 127.20 at 136.64. If there is a sustained break above this level, it would indicate that the price action from 151.93 in the medium term is just a corrective pattern, which would maintain long-term bullishness. However, if there is a rejection at 136.64, it would extend the fall from 151.93 to the 61.8% retracement level of 102.58 to 151.93 at 121.43 at a later stage.
