Daily Pivots: (S1) 139.86; (P) 140.66; (R1) 141.16; More…
Intraday bias in is turned neutral for the moment, as USD/JPY lost momentum after briefly breaching 137.90 resistance turned support. Some consolidations could be seen, but recovery should be limited by 55 4H EMA (now at 141.03) and bring another decline. Sustained break of 137.90 will confirm the larger bearish case, and target 127.20 and below.
In the bigger picture, current downside acceleration, as seen in daily MACD, argues that fall from 145.06 is already the third leg of the corrective pattern from 151.93 (2022 high). Sustained break of 137.90 resistance turned support should confirm this case and target 127.20 (2023 low) and below. For now, this will remain the favored case as long as 145.06 resistance holds.
