Daily Pivots: (S1) 141.09; (P) 141.88; (R1) 143.07; More…
Intraday bias in USD/JPY stays on the upside at this point. Further rally would be seen to retest 145.60 resistance first. Firm break there will resume whole rally from 172.20. Next target is 61.8% projection of 129.62 to 145.06 from 137.22 at 146.76. On the downside, below 140.68 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.
