Daily Pivots: (S1) 141.68; (P) 144.17; (R1) 146.64; More…
USD/JPY recovered after diving to 141.67 and intraday bias is turned neutral first. Some consolidations would be seen but upside should be limited by 150.88 resistance to bring another fall. Break of 141.67 will resume the decline from 161.94 to 140.25 support next.
In the bigger picture, the strong break of 55 W EMA (now at 149.98) argue that fall from 161.94 medium term is correcting whole up trend from 102.58 (2021 low). Deeper decline could be seen to 38.2% retracement of 102.58 to 161.94 at 139.26, which is close to 140.25 support. In any case, risk will stay on the downside as long as 55 W EMA (now at 149.83) holds. Nevertheless, firm break of 55 W EMA will suggest that the range for medium term corrective pattern is already set.
