Daily Pivots: (S1) 143.60; (P) 144.67; (R1) 146.46; More…
USD/JPY’s rebound from 139.87 is in progress and intraday bias stays on the upside for 100% projection of 139.87 to 144.02 from 141.96 at 146.11. But still, near term outlook will stay bearish as long as 38.2% retracement of 158.86 to 139.87 at 147.12 holds. On the downside, below 144.02 will turn intraday bias neutral first. Further break of 141.96 will argue that the rebound has completed as a corrective move. Retest of 139.87 should then be seen next in this case.
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.
