Daily Pivots: (S1) 143.24; (P) 143.49; (R1) 143.99; More…
USD/JPY’s rally from 137.22 resumes by breaking through 143.88 and intraday bias is back on the upside. Firm break of 145.06 will resume whole rally from 127.20 and target 61.8% projection of 129.62 to 145.06 from 137.22 at 146.76. On the downside, however, below 142.82 will turn intraday bias neutral again.
In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.
