Daily Pivots: (S1) 143.24; (P) 143.74; (R1) 144.17; More…
USD/JPY’s rebound suggests that fall from 148.01 might have completed at 142.66. But still, it’s staying inside near term established range. Intraday bias remains neutral at this point. On the upside, firm break of 148.01 resistance will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22. However, break of 142.10 will bring deeper fall back to retest 139.87 low.
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.
