Daily Pivots: (S1) 147.14; (P) 147.35; (R1) 147.69; More…
USD/JPY’s breach of 147.88 resistance argues that rise from 127.20 is resuming. Intraday bias is back on the upside. Sustained trading above 147.88 will pave the way to retest 151.93 high. On the downside, below 147.00 minor support will turn intraday bias neutral again first. But outlook will remain bullish as long as 145.88 support holds.
In the bigger picture, while rise from 127.20 is strong, it could still be seen as the second leg of the corrective pattern from 151.93 (2022 high). Rejection by 151.93, followed by break of 137.22 support will indicate that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.
