Daily Pivots: (S1) 146.83; (P) 147.48; (R1) 148.41; More…
USD/JPY’s recovery from 146.52 extends higher today, but it’s still seen as part of a consolidation pattern. Intraday bias remains neutral for now. Upside should be limited by 150.92 support turned resistance. On the downside, sustained trading below 61.8% retracement of 139.57 to 158.86 at 146.32 will pave the way to 139.57 support.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low), with fall from 158.86 as the third leg. 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.
