Daily Pivots: (S1) 145.13; (P) 145.69; (R1) 146.72; More…
USD/JPY’s break of 146.47 resistance suggests that pull back from 149.35 has already completed at 143.43. More importantly, rebound from 141.67 could be ready to resume. Intraday bias is back on the upside for 149.35 resistance first. Firm break there will target 100% projection of 141.67 to 149.35 from 143.43 at 151.11, as the second leg of the corrective pattern from 161.94 high. For now, risk will stay on the upside as long as 143.43 support holds, in case of retreat.
In the bigger picture, fall from 161.94 medium term top is seen as 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 149.47) holds. Nevertheless, firm break of 55 W EMA will suggest that the range for medium term corrective pattern is already set.
