USD/JPY Daily Outlook

Daily Pivots: (S1) 139.10; (P) 140.14; (R1) 142.21; More…

Break of 141.93 resistance confirms resumption of rebound from 137.22 in USD/JPY. Intraday bias is back on the upside for retesting 145.06 first. Firm break there will resume whole rise from 172.20. On the downside, below 140.68 minor support will turn intraday bias neutral first.

In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.

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