Daily Pivots: (S1) 141.31; (P) 142.08; (R1) 142.61; More…
USD/JPY’s break of 140.94 indicates resumption of fall from 151.89. Intraday bias is now on the downside. Next target is 136.63. fibonacci level. On the upside, above 142.84 minor resistance will turn intraday bias neutral gain. But recovery should be limited below 144.94 resistance to bring another decline.
In the bigger picture, fall from 151.89 is seen as the third leg of the corrective pattern from 151.93 (2022 high). Deeper decline would be seen to 61.8% retracement of 127.20 to 151.89 at 136.63, sustained break there will pave the way to 127.20 support (2022 low). This will now remain the favored as long as 146.58 resistance holds.
