Daily Pivots: (S1) 148.43; (P) 148.89; (R1) 149.78; More…
USD/JPY’s rally from 139.57 short term bottom resumed after brief consolidations, and intraday bias is back on the upside. Current rally is seen as the second leg of the corrective pattern from 161.94. Next target is 61.8% retracement of 161.94 to 139.57 at 153.39. On the downside, below 147.33 minor support will turn intraday bias neutral again first.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should now be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
