Daily Pivots: (S1) 149.09; (P) 149.48; (R1) 150.12; More…
A temporary low is formed at 148.83 with current recovery and intraday bias in USD/JPY is turned neutral first. Further decline is expected as long as 154.79 resistance holds. Fall from 158.86 is seen as the third leg of the pattern from 161.94 high. Below 148.83 will target 61.8% retracement of 139.57 to 158.86 at 146.32 next.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). In case of another fall, strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
