Daily Pivots: (S1) 144.74; (P) 145.47; (R1) 146.19; More…
Intraday bias in USD/JPY remains neutral, and outlook stays bearish with 147.14 support turned resistance intact. On the downside, break of 144.72 minor support will suggest that rebound from 141.59 has completed at 146.58. Intraday bias will then be back on the downside for retesting 141.59 low. However, decisive break of 147.14 will dampen the bearish view, and bring stronger rally back towards 149.56/151.89 resistance zone.
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.
