Daily Pivots: (S1) 148.30; (P) 149.30; (R1) 150.03; More…
USD/JPY’s fall from 158.86 resumed after brief consolidations and intraday bias back on the downside. This decline is seen as the third leg of the pattern from 161.94 high. Further fall should be seen to 61.8% retracement of 139.57 to 158.86 at 146.32 next. On the upside, however, break of 150.92 support turned resistance will indicate short term bottoming and bring stronger rebound.
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.
