Daily Pivots: (S1) 144.88; (P) 145.32; (R1) 145.91; More…
Intraday bias in USD/JPY stays mildly on the upside for 146.27 resistance. Firm break there will target 148.64 next. On the downside, below 144.32 minor support will turn intraday bias neutral again. Overall near term outlook is mixed, focus is on whether price actions from 139.87 would eventually develop into a corrective pattern, or completely reversing the decline from 158.86.
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.
