Daily Pivots: (S1) 148.86; (P) 149.81; (R1) 150.53; More…
Intraday bias in USD/JPY stays on the downside as fall from 156.74 continues today. Current development suggests that whole rise from 139.57 could have finished at 156.74 already. Deeper fall should be seen to 61.8% retracement of 139.57 to 156.74 at 146.12 next. On the upside, above 150.74 minor resistance will turn intraday bias neutral again first.
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.
