Daily Pivots: (S1) 147.45; (P) 147.98; (R1) 148.39; More…
USD/JPY’s rebound lost momentum after hitting 148.51 and intraday bias is turned neutral again. On the downside, below 146.61 will resume the fall from 150.90. Further break of 145.84 support will suggests that whole rebound from 139.87 has completed at 150.90, and turn outlook bearish. On the upside, though, above 148.51 will target a retest on 150.90 instead.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). Decisive break of 61.8% retracement of 158.86 to 139.87 at 151.22 will argue that it has already completed with three waves at 139.87. Larger up trend might then be ready to resume through 161.94 high. In case the corrective pattern extends with another fall, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound.
