Daily Pivots: (S1) 147.68; (P) 148.83; (R1) 149.55; More…
Intraday bias in USD/JPY remains on the downside at this point. Current fall from 151.89 should target medium term channel support at 146.00 next. On the upside, above 148.67 minor resistance will turn intraday bias neutral and bring recovery. But risk will stay on the downside as long as 151.89 resistance holds.
In the bigger picture, rise from 127.20 (2023 low) is seen as the second leg of the pattern from 151.93 resistance (2022 high). Decisive break of 145.06 resistance turned support will confirm that this second leg has completed, after rejection by 151.93. Deeper fall would be seen through 38.2% retracement of 127.20 to 151.89 at 142.45 to 61.8% retracement at 136.63. Nevertheless strong bounce from 145.06 will retain medium term bullishness for another test on 151.93 at a later stage.
