Daily Pivots: (S1) 152.37; (P) 153.54; (R1) 155.78; More…
Intraday bias in USD/JPY is turned neutral with current retreat and some more consolidations would be seen first. Further rally is expected as long as 151.27 support holds. On the upside, break of 154.70 will resume the rally from 139.57 to 61.8% projection of 141.63 to 153.87 from 151.27 at 158.83.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
