Daily Pivots: (S1) 142.18; (P) 142.96; (R1) 144.07; More…
USD/JPY’s rebound from 140.25 short term bottom accelerates higher today and met 38.2% retracement of 151.89 to 140.25 at 144.69 already. Intraday bias will stay on the upside as long as 142.84 minor support holds. Sustained break of 144.94 resistance will bring further rally to 61.8% retracement at 147.44. On the downside, though, break of 142.84 minor support will bring retest of 140.25 instead.
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). However, break of 144.94 resistance will dampen this bearish view and argue that fall from 151.89 is a correction to rise from 127.20 only.
