Daily Pivots: (S1) 146.37; (P) 146.80; (R1) 147.40; More…
Intraday bias in USD/JPY stays on the upside as rebound from 139.57 short term bottom is in progress for 38.2% retracement of 161.94 to 139.57 at 148.11. Decisive break there will argue that whole fall from 161.95 has completed ahead of 139.26 fibonacci level. Further rally should then be seen to 61.8% retracement at 153.39. However, break of 141.63 support will bring retest of 139.57 low instead.
In the bigger picture, fall from 161.94 medium term top is seen as the first leg of the correction to 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. Firm break of 149.35 resistance will indicate that the second leg has started. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
