Daily Pivots: (S1) 155.39; (P) 155.88; (R1) 156.79; More…
Intraday bias in USD/JPY remains neutral, and risk will stay on the downside as long as 158.86 short term top holds. On the downside, below 154.97 will target 55 D EMA (now at 154.59). Sustained break there will target 38.2% retracement of 139.57 to 158.86 at 151.49 next.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
. Sustained break there will target 38.2% retracement of 139.57 to 158.86 at 151.49 next.){kind=link}