Daily Pivots: (S1) 143.01; (P) 145.44; (R1) 146.86; More…
Intraday bias in USD/JPY remains on the downside for the moment. Current fall from 158.86 should target 139.57 support next. On the upside, break of 148.26 is needed to indicate short term bottoming. Otherwise, outlook will stay bearish 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), 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.
