Daily Pivots: (S1) 143.18; (P) 144.20; (R1) 145.89; More…
While USD/JPY’s rebound from 141.59 is strong, outlook is unchanged for the moment. Upside should be limited be 147.14 support turned resistance. On the downside, below 144.80 minor support will turn bias to the downside for retesting 141.59. Break of 141.59 and sustained trading below 142.45 fibonacci level will pave the way to next fibonacci level at 136.63. However, firm break 147.14 will dampen the bearish view, and bring stronger rally to 149.56 resistance and above.
In the bigger picture, current fall from 151.89 is seen as the third leg of the corrective pattern from 151.93 (2022 high). Deeper decline would be seen through 38.2% retracement of 127.20 to 151.89 at 142.45 to 61.8% retracement at 136.63. This will now remain the favored as long as 147.14 support turned resistance holds.
