Daily Pivots: (S1) 145.40; (P) 147.59; (R1) 148.76; More…
Intraday bias in USD/JPY remains on the downside for the moment. Current fall from 161.94 should target 140.25 support next. On the upside, above 146.40 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.
In the bigger picture, the strong break of 55 W EMA (now at 149.98) argue that fall from 161.94 medium term is correcting whole up trend from 102.58 (2021 low). Deeper decline could be seen to 38.2% retracement of 102.58 to 161.94 at 139.26, which is close to 140.25 support. In any case, risk will stay on the downside as long as 55 W EMA (now at 149.98) holds.
