USD/JPY Daily Analysis
Intraday bias in USD/JPY is turned neutral again with the current recovery. A stronger rise cannot be ruled out, but the upside should be limited below 145.16 support turned resistance. A break of 137.66 will resume the decline from 151.93 to 133.07 Fibonacci level, as a correction to the larger up trend.
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 130.58).
