Daily Pivots: (S1) 143.08; (P) 143.75; (R1) 144.68; More…
Intraday bias in USD/JPY is turned neutral with current recovery, and some consolidations would be seen above 142.79 temporary low. Risk will stay on the downside as long as 146.08 minor resistance holds. Rebound from 139.87 could have completed as a correction to 148.64 already. Below 142.79 will target a retest on 139.87 low.
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.
