Daily Pivots: (S1) 148.63; (P) 149.97; (R1) 150.83; More…
USD/JPY’s fall from 158.86 resumed after brief consolidations and intraday bias is back on the downside. This decline is as the third leg of the corrective pattern from 161.94 high. Next target is 61.8% retracement of 139.57 to 158.86 at 146.32. Sustained break there will pave the way back to 139.57 low. For now, risk will remain on the downside as long as 151.29 resistance holds, in case of recovery.
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.
