Daily Pivots: (S1) 148.63; (P) 149.24; (R1) 149.67; More…
USD/JPY rebounded strongly despite dipping to 148.79. Intraday bias remains neutral at this point. On the upside, break of 150.76 will resume larger rise from 127.20 to 151.93 high. On the downside, below 148.79 will bring deeper pull back. But still, overall outlook will stay bullish as long as 147.28 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 sustained break of 145.06 resistance turned support will be the first sign that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.
