Daily Pivots: (S1) 145.41; (P) 145.81; (R1) 146.51; More…
Intraday bias in USD/JPY remains on the upside for the moment. Firm break of 148.64 resistance will resume whole rise from 139.87. Next target is 100% projection of 151.56. On the downside, below 146.67 minor support will turn intraday bias neutral again first.
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.
