Daily Pivots: (S1) 151.66; (P) 153.06; (R1) 154.00; More…
Intraday bias in USD/JPY remains on the downside as fall from 158.86 is in progress. Strong support is still expected from 38.2% retracement of 139.57 to 158.86 at 151.49 to contain downside. On the upside, firm break of 153.70 minor resistance will turn intraday bias back to the upside for rebound. However, sustained break of 151.49 will raise the chance of bearish reversal.
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.
