Daily Pivots: (S1) 152.80; (P) 153.33; (R1) 153.92; More…
USD/JPY is extending consolidation below 153.87 temporary low and intraday bias stays neutral. Deeper retreat cannot be ruled out but further rally is expected as long as 55 D EMA (now at 148.84) holds. Sustained trading above 61.8% retracement of 161.94 to 139.57 at 153.39 will pave the way 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.
 holds. Sustained trading above 61.8% retracement of 161.94 to 139.57 at 153.39 will pave the way to retest 161.94 high.){kind=link}