Daily Pivots: (S1) 140.58; (P) 141.25; (R1) 141.69; More…
Intraday bias in USD/JPY is turned neutral as recovery from 140.25 extends. Further decline will remain in favor as long as 142.84 minor resistance holds. Break of 140.25 will resume fall from 151.89 and target 136.63 fibonacci level. Nevertheless, break of 142.84 will turn bias back to the upside for stronger rebound.
In the bigger picture, fall from 151.89 is seen as the third leg of the corrective pattern from 151.93 (2022 high). Deeper decline would be seen to 61.8% retracement of 127.20 to 151.89 at 136.63, sustained break there will pave the way to 127.20 support (2022 low). This will now remain the favored as long as 144.94 resistance holds.
