Daily Pivots: (S1) 145.08; (P) 146.68; (R1) 149.36; More…
No change in USD/JPY’s outlook and intraday bias stays neutral. On the upside, firm break of 148.13 resistance will confirm short term bottoming, and turn bias back to the upside for 151.20 resistance. Nevertheless, rejection by 148.13, followed by break of 143.98 will resume larger fall from 158.86 through 61.8% projection of 158.86 to 146.52 from 151.20 at 143.57.
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.
