Daily Pivots: (S1) 151.39; (P) 152.49; (R1) 153.14; More…
USD/JPY is still extending the consolidation pattern from 153.87 and intraday bias remains neutral. Deeper retreat cannot be ruled out but further rally is expected as long as 55 D EMA (now at 148.95) 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}