USD/JPY Daily Analysis
USD/JPY was unable to surpass the 132.89 resistance and has since retraced, leading to a neutral intraday bias. A break of 132.89 would resume the rebound from the 127.20 short-term bottom, and a further rally could be seen to the 38.2% retracement of 151.93 to 127.20 at 136.64, which may correct the decline from 151.39. On the downside, a break of 129.79 would lead to a retest of the 127.20 low.
Regarding the bigger picture, the 55-week EMA prior (now at 131.47) suggests a possibility of medium-term bearish reversal, but this is not yet confirmed. A strong rebound from the current level, followed by a sustained break of the 38.2% retracement of 151.93 to 127.20 at 136.64, would imply that the price actions from 151.93 were only a corrective pattern. However, rejection by 136.64 would strengthen medium-term bearishness for a retracement of 61.8% of 102.58 to 151.93 at 121.43 and 38.2% retracement of 75.56 to 151.93 at 122.75.
