USD/JPY Daily Analysis
The USD/JPY intraday bias is bullish, with the ongoing rise from 127.20 being the current focus. The immediate target is the 38.2% retracement level of 151.93 to 127.20 at 136.64. If the price is rejected at this Fibonacci level and breaks below the 134.04 support level, it would indicate that the rebound from 127.20 has ended and shift the bias back to the downside. However, sustained trading above 136.64 would indicate that the fall from 151.93 has completed, potentially leading to a further rally towards the 61.8% retracement level at 142.48.
Looking at the bigger picture, the focus is currently on the 38.2% retracement level of 151.93 to 127.20 at 136.64. A sustained break above this level would indicate that the price actions from 151.93 are part of a corrective pattern, maintaining long-term bullishness. On the downside, rejection at 136.64 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.
