Daily Pivots: (S1) 143.89; (P) 144.70; (R1) 145.31; More…
USD/JPY’s break of 144.02 support now argues that rebound from 139.87 has completed as a correction to 148.64. Intraday bias is back on the downside for retesting 139.87 support. For now, risk will stay on the downside as long as 146.08 minor resistance holds, in case of recovery.
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.
