Daily Pivots: (S1) 148.42; (P) 151.16; (R1) 152.72; More…
No change in USD/JPY’s outlook and intraday bias stays on the downside at this point. Strong support could be seen from 148.66 fibonacci level to bring consolidations. On the upside, above 151.93 support turned resistance will turn bias back to the upside for stronger recovery. Nevertheless, sustained break of 148.66 will pave the way to next support at 140.25.
In the bigger picture, considering the depth and momentum of the current decline, 161.94 should be a medium term top already. Fall from there is seen as correcting the whole rise from 127.20 (2023 low) at least. Next target is 38.2% retracement of 127.20 to 161.94 at 148.66. Decisive break there will pave the way to 140.25 support next. Risk will now stay on the downside as long as 55 D EMA (now at 156.14) holds, in case of rebound.
