Daily Pivots: (S1) 142.71; (P) 143.15; (R1) 143.70; More…
Intraday bias in USD/JPY remains neutral as consolidations continue above 142.05 temporary low. Stronger recovery might be seen but outlook will stay bearish as long as 151.20 resistance holds. Below 142.05 will resume the fall from 158.86 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.
