Daily Pivots: (S1) 144.88; (P) 145.32; (R1) 145.91; More…
USD/JPY accelerates higher today and intraday bias stays on the upside for 148.64 resistance. Firm break there will suggest that rise from 139.87 is reversing the fall from 158.86. Next target is 100% projection of 139.87 to 148.64 from 142.79 at 151.56. On the downside, below 145.74 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.
