Daily Pivots: (S1) 155.31; (P) 156.56; (R1) 158.68; More…
Intraday bias in USD/JPY is turned neutral with current retreat and breach of 156.39 minor support. Some consolidations would be seen first, but further rally is expected as long as 153.15 support holds. On the upside, above 157.91 will resume the rise from 139.57, and target 61.8% projection of 139.57 to 156.74 from 148.64 at 159.25 next.
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.
