Daily Pivots: (S1) 148.12; (P) 149.15; (R1) 149.91; More…
Intraday bias in USD/JPY remains neutral for consolidations above 148.08. With 151.29 resistance intact, fall from 158.86 is expected to continue as the third leg of the corrective pattern from 171.96 high. Below 148.08 will target 61.8% retracement of 139.57 to 158.86 at 146.32. Sustained break there will pave the way back to 139.57 low. However, break of 151.29 will turn bias back to the upside for stronger recovery first.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). In case of another fall, strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
