Daily Pivots: (S1) 147.76; (P) 148.06; (R1) 148.65; More…
Further rise is mildly in favor in USD/JPY as long as 147.49 minor support intact. Current rally would target 151.93 high. However, break of 147.49 will argue that a short term top is already formed. intraday bias will be turned to the downside for 145.88 support instead.
In the bigger picture, while rise from 127.20 is strong, it could still be seen as the second leg of the corrective pattern from 151.93 (2022 high). Rejection by 151.93, followed by break of 137.22 support will indicate that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.
