Daily Pivots: (S1) 142.35; (P) 142.72; (R1) 143.20; More…
Intraday bias in USD/JPY is turned neutral with current recovery. Some consolidations would be seen above 142.10 temporary low. Further decline is expected as long as 55 D EMA (now at 145.85) holds. Below 142.10 will resume the fall from 146.64 to retest 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.
 holds. Below 142.10 will resume the fall from 146.64 to retest 139.87 low.){kind=link}