Daily Pivots: (S1) 141.43; (P) 144.38; (R1) 147.10; More…
USD/JPY recovered after breaching 142.45 fibonacci level, but there is no clear sign of bottoming yet. Intraday bias stays on the downside, sustained trading below 142.45 will pave the way to next fibonacci level at 136.63. On the upside, break of 144.53 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 147.14 support turned resistance to bring another fall.
In the bigger picture, current fall from 151.89 is seen as the third leg of the corrective pattern from 151.93 (2022 high). Deeper decline would be seen to through 38.2% retracement of 127.20 to 151.89 at 142.45 to 61.8% retracement at 136.63. This will now remain the favored as long as 147.14 support turned resistance holds.
