Daily Pivots: (S1) 148.91; (P) 149.85; (R1) 150.49; More…
USD/JPY’s break of 149.17 support should confirm rejection by 151.93 resistance. Intraday bias is back on the downside for channel support medium term channel support at 145.80. On the downside, though, above 150.03 minor resistance will turn intraday bias neutral first.
In the bigger picture, focus stays on 151.93 resistance (2022 high). Rejection by 151.93, followed by sustained break of 145.06 resistance turned support will argue that rise from 127.20 has completed, and turn outlook bearish for 137.22 support and below, as the third leg of the long term range pattern from 151.93. However, sustained break of 151.93 will confirm resumption of long term up trend.
