Daily Pivots: (S1) 151.06; (P) 151.68; (R1) 152.12; More…
USD/JPY’s fall from 158.86 resumed by breaking through 150.92 support and intraday bias is back on the downside. The strong break of 38.2% retracement of 139.57 to 158.86 at 151.4 also argues that whole rise from 139.57 has completed at 158.86, on bearish divergence condition in D MACD. Fall from there is seen as the third leg of the pattern from 161.94, and should target 61.8% retracement at 146.32. On the upside, above 152.30 minor resistance will turn intraday bias neutral again first. But near term outlook will now stay bearish as long as 154.79 resistance holds.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). In case of another fall, strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
