Daily Pivots: (S1) 151.18; (P) 151.69; (R1) 152.47; More…
USD/JPY’s break of 151.94 resistance suggests that pull back from 156.74 has completed as a correction at 148.64. That is, rise from 139.57 hasn’t completed yet. Intraday bias is back on the upside for retesting 156.74 first. Firm break there will target 161.94 high next. For now, this will be the favored case as long as 148.64 support holds.
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.
