Daily Pivots: (S1) 147.13; (P) 147.46; (R1) 148.05; More…
USD/JPY’s breach of 148.01 resistance suggests that corrective pattern from 148.64 has completed with three waves to 142.66. Intraday bias is on the upside for 148.64 resistance first. Firm break there will confirm and target 100% projection of 139.87 to 148.64 from 142.66 at 151.43. That is close to 61.8% retracement of 158.86 to 139.87 at 151.22. On the downside, below 146.84 minor support will mix up the outlook and turn intraday bias neutral again first.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). There is no clear sign that the pattern has completed yet. But still, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound.
