Daily Pivots: (S1) 147.76; (P) 148.06; (R1) 148.65; More…
USD/JPY’s rally is in progress and intraday bias stays on the upside. Current rise from 127.20 should target a retest on 151.93 high. On the downside, below 147.49 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 145.88 support holds, in case of retreat.
In the bigger picture, while rise from 127.20 is strong, it could still be seen as the second leg of the corrective pattern from 151.93 (2022 high). Rejection by 151.93, followed by break of 137.22 support will indicate that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.
