Daily Pivots: (S1) 155.31; (P) 156.56; (R1) 158.68; More…
Intraday bias in USD/JPY remains on the upside for now despite current mild retreat. Current rally is part of the whole rise from 139.57, and should target 61.8% projection of 139.57 to 156.74 from 148.64 at 159.25 next. On the downside, below 156.39 minor support will turn intraday bias neutral again first. But outlook will stay bullish as long as 153.15 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.
