Daily Pivots: (S1) 142.85; (P) 143.69; (R1) 144.41; More…
USD/JPY rebounded strongly today and focus is now on 146.48 resistance. Firm break there will resume the rebound from 139.57 to 38.2% retracement of 161.94 to 139.57 at 148.11. On the downside, below 141.63 will turn bias to the downside for 139.57 support. But in this case, strong support could be seen again from 139.26 fibonacci level to bring rebound.
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.
