Daily Pivots: (S1) 141.70; (P) 142.82; (R1) 143.76; More…
Intraday bias in USD/JPY stays mildly on the upside for the moment. Rebound from 139.57 short term bottom should target 55 D EMA (now at 147.37), and possibly further to 38.2% retracement of 161.94 to 139.57 at 148.11. For now, risk will stay on the upside as long as 139.57 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). Strong support could be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to contain downside, at least on first attempt. But in any case, risk will stay on the downside as long as 149.35 resistance holds. Sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
, and possibly further to 38.2% retracement of 161.94 to 139.57 at 148.11. For now, risk will stay on the upside as long as 139.57 support holds, in case of retreat.){kind=link}