Daily Pivots: (S1) 144.12; (P) 144.60; (R1) 145.35; More…
Intraday bias in USD/JPY remains on the upside for the moment. Rise from 142.10 is in progress for 148.64 resistance first. Firm break there will resume the rebound from 139.87 to 100% projection of 139.87 to 148.64 from 142.10 at 150.87. On the downside, below 144.72 minor support will turn intraday bias neutral first.
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.
