Daily Pivots: (S1) 149.97; (P) 151.60; (R1) 152.75; More…
While USD/JPY’s corrective fall from 156.74 might extend lower, strong support could be seen from 38.2% retracement of 139.57 to 156.74 at 150.18 to bring rebound. ON the upside, break of 153.23 support turned resistance will turn intraday bias back to the upside for retesting 156.74. However, decisive break of 150.18 will argue that whole rise from 139.57 could have completed, and bring deeper fall to 61.8% retracement at 146.12 next.
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.
