Daily Pivots: (S1) 143.38; (P) 144.11; (R1) 145.37; More…
USD/JPY’s break of 144.94 resistance argues that fall from 151.89 has completed. Intraday bias stays on the upside at this point. Rebound from 140.25 would target 61.8% retracement of 151.89 to 140.25 at 147.44, even as a corrective move. On the downside, below 144.45 minor support will turn intraday bias neutral first. But risk will now stay on the upside as long as 55 4H EMA (now at 142.96) holds.
In the bigger picture, stronger than expected rebound from 140.25 is mixing up outlook. On the upside, sustained trading above 55 D EMA (now at 145.72) will argue that fall from 151.89 is merely a correction to the up trend from 127.20 (2022 low). This rally is still in progress for 151.93 and above at a later stage. Nevertheless, break of 140.25 will revive the case that corrective pattern from 151.93 has already started the third leg, back towards 127.20.
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