Daily Pivots: (S1) 149.91; (P) 150.12; (R1) 150.43; More…
Intraday bias in USD/JPY stays on the upside with 149.84 minors support. Current rally, as part of the whole rise from 127.20, should target 151.93 medium term resistance next. On the downside, below 149.84 minor support will turn intraday bias neutral first, and bring consolidations. But near term outlook will now stay bullish as long as 147.28 support holds, even in case of deep retreat.
In the bigger picture, while rise from 127.20 is strong, it could still be seen as the second leg of the corrective pattern from 151.93 (2022 high). Rejection by 151.93, followed by sustained break of 145.06 resistance turned support will be the first sign that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.
