Daily Pivots: (S1) 148.75; (P) 149.49; (R1) 150.34; More…
USD/JPY recovered after brief dip to 148.64 and intraday bias is turned neutral first. Further decline is expected as long as 151.94 resistance holds. Current development suggests that whole rise from 139.57 could have finished at 156.74 already. Below 148.64 will target 61.8% retracement of 139.57 to 156.74 at 146.12 next. Nevertheless, firm break of 151.94 will revive near term bullishness and bring retest of 156.74 high.
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.
