Daily Pivots: (S1) 153.50; (P) 153.99; (R1) 154.65; More…
USD/JPY’s rebound from 148.64 is still in progress and intraday bias stays on the upside for retesting 156.74 high. Firm break there will resume whole rally from 139.57, and target 61.8% projection of 139.57 to 156.74 from 148.64 at 159.25 next. On the downside, below 152.84 minor support will turn intraday bias neutral. But risk will stay on the upside as long as 148.64 support holds, in case of retreat.
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.
