Daily Pivots: (S1) 144.78; (P) 145.31; (R1) 146.29; More…
USD/JPY’s rebound from 140.25 resumed by breaking through 145.97. Intraday bias is back on the upside for 61.8% retracement of 151.89 to 140.25 at 147.44. Upside should be limited there to bring reversal. On the downside, below 145.27 minor support will turn intraday bias neutral first.
In the bigger picture, for now, fall from 151.89 is still seen as the third leg of the corrective pattern from 151.89. Another decline through 140.25 will target 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). However, firm break of 147.44 fibonacci resistance will dampen this view and bring retest of 151.89 instead.
