Daily Pivots: (S1) 149.54; (P) 149.93; (R1) 150.62; More…
Intraday bias in USD/JPY is back on the upside with break of 149.97 temporary top. Current rise from 139.57 should target 61.8% retracement of 161.94 to 139.57 at 153.39 next. On the downside, below 148.84 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 146.48 resistance turned support holds.
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.
