Daily Pivots: (S1) 142.12; (P) 142.78; (R1) 143.29; More…
Intraday bias in USD/JPY remains on the upside as rebound from 139.87 short term bottom is in progress. While further rise could be seen, overall risk will stay on the downside as long as 38.2% retracement of 158.86 to 139.87 at 147.12 holds. On the downside, below 141.51 minor support will bring retest of 139.87. Decisive break of 139.26 key support will carry larger bearish implications.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low), with fall from 158.86 as the third leg. 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.
