Daily Pivots: (S1) 143.16; (P) 144.08; (R1) 144.61; More…
As USD/JPY’s fall from 145.90 extends, focus is back on 141.96 support. Firm break there will argue that rebound from 139.87 has completed as a corrective move. Retest of 139.87 should then be seen next in this case. Overall, near term outlook will stay bearish as long as 38.2% retracement of 158.86 to 139.87 at 147.12 holds, in case of another bounce.
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.
