Daily Pivots: (S1) 140.44; (P) 141.05; (R1) 142.22; More…
USD/JPY’s break of 141.60 minor resistance suggests short term bottoming at 139.87, on bullish convergence condition in 4H MACD, ahead of 139.26/57 key support zone. Intraday bias is back on the upside for stronger rebound. However, risk will stay on the downside as long as 38.2% retracement of 158.86 to 139.87 at 147.12 holds. On the downside, decisive break of 139.26 will carry larger bearish implications.
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.
