Daily Pivots: (S1) 153.89; (P) 154.63; (R1) 155.41; More…
USD/JPY’s break of 153.87 resistance turned support and rising channel suggest short term topping at 156.74. Intraday is back on the downside for pull back to 151.27, and possibly below. But strong support should emerge at 38.2% retracement of 139.57 to 156.74 at 150.18 to contain downside. On the upside, above 155.35 minor resistance will bring retest of 156.74 high instead.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
