Daily Pivots: (S1) 144.21; (P) 144.71; (R1) 145.31; More…
USD/JPY’s break of 142.89 minor support suggests that recovery fro 139.57 has completed at 146.48 already. Intraday bias is back on the downside for 139.57 low. Strong support is still expected from 139.26 to contain downside to bring another rebound. But decisive break there will carry larger bearish implications. On the upside, above 146.48 will resume the rebound to 38.2% retracement of 161.94 to 139.57 at 148.11.
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.
