Daily Pivots: (S1) 146.63; (P) 147.27; (R1) 147.87; More…
USD/JPY’s rebound from 146.65 extended higher today, and immediate focus is on 55 4H EMA (now at 148.61). Sustained break there will argue that corrective fall from 151.89 has completed with three waves down to 146.65. Intraday bias would be back on the upside for 149.66 resistance for confirmation. Nevertheless, rejection by 55 4H EMA will resume the fall from 151.89 towards 145.06 key support level.
In the bigger picture, rise from 127.20 (2023 low) is seen as the second leg of the pattern from 151.93 (2022 high). Decisive break of 145.06 resistance turned support will confirm that this second leg has completed, after rejection by 151.93. Deeper fall would be seen through 38.2% retracement of 127.20 to 151.89 at 142.45 to 61.8% retracement at 136.63. Nevertheless strong bounce from 145.06 will retain medium term bullishness for another test on 151.93 at a later stage.
. Sustained break there will argue that corrective fall from 151.89 has completed with three waves down to 146.65. Intraday bias would be back on the upside for 149.66 resistance for confirmation. Nevertheless, rejection by 55 4H EMA will resume the fall from 151.89 towards 145.06 key support level.){kind=link}