Daily Pivots: (S1) 146.63; (P) 147.27; (R1) 147.87; More…
USD/JPY is staying consolidation above 146.65 temporary low and intraday bias remains neutral. While another recovery cannot be ruled out, risk will stay on the downside as long as 55 4H EMA (now at 148.75) holds. Break of 146.65 will resume the fall from 151.89 to 100% projection of 151.89 to 147.14 from 149.66 at 144.91, which is close to 145.06 key resistance turned support.
In the bigger picture, rise from 127.20 (2023 low) is seen as the second leg of the pattern from 151.93 (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.
 holds. Break of 146.65 will resume the fall from 151.89 to 100% projection of 151.89 to 147.14 from 149.66 at 144.91, which is close to 145.06 key resistance turned support.){kind=link}