Daily Pivots: (S1) 153.58; (P) 154.15; (R1) 154.75; More…
USD/JPY’s break of 153.27 minor support suggests that correction from 156.74 is extending lower. Intraday bias is back on the downside for 38.2% retracement of 139.57 to 156.74 at 150.18. For now, risk will stay on the downside as long as 156.74 resistance holds, in case of recovery.
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.
