Daily Pivots: (S1) 145.24; (P) 146.34; (R1) 148.12; More…
USD/JPY is extending consolidations above 144.54 temporary low and intraday bias remains neutral. Upside of recovery should be limited below 151.28 resistance. On the downside, below 144.54 will resume the fall from 158.86 and target 61.8% projection of 158.86 to 146.52 from 151.20 at 143.57. Break there will target 139.57 low.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low), with fall from 158.86 as the third leg. 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.
