Daily Pivots: (S1) 145.01; (P) 145.56; (R1) 146.19; More…
Intraday bias in USD/JPY remains neutral for the moment. . Fall from 158.86 might have completed at 139.87 already. Further rise is in favor as long as 144.02 support holds. Above 148.64 will target 61.8% retracement of 158.86 to 139.87 at 151.60 next. However, firm break of 144.02 will bring retest of 139.87 low instead.
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.
