Daily Pivots: (S1) 140.89; (P) 141.80; (R1) 143.16; More…
USD/JPY’s break of 143.03 resistance suggests short term bottoming at 139.57, on bullish convergence condition in 4H MACD. That also came just ahead of 139.26 fibonacci level. Intraday bias is back on the upside for stronger rebound to 55 D EMA (now at 147.58), and possibly further to 38.2% retracement of 161.94 to 139.57 at 148.11.
In the bigger picture, fall from 161.94 medium term top is seen as correcting whole up trend from 102.58 (2021 low). Strong support could be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to contain downside, at least on first attempt. But in any case, risk will stay on the downside as long as 149.35 resistance holds. Sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
, and possibly further to 38.2% retracement of 161.94 to 139.57 at 148.11.){kind=link}