Daily Pivots: (S1) 151.30; (P) 152.07; (R1) 152.58; More…
Intraday bias in USD/JPY is turned neutral as a temporary top was formed at 153.17, ahead of 61.8% retracement of 161.94 to 139.57 at 153.39. Considering bearish divergence condition in 4H MACD, break of 151.18 will indicate short term topping, and turn bias to the downside for 55 D EMA (now at 148.01). Nevertheless, decisive break of 153.39 will extend the rally from 139.57 to retest 161.94 high.
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 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.
. Nevertheless, decisive break of 153.39 will extend the rally from 139.57 to retest 161.94 high.){kind=link}