Daily Pivots: (S1) 145.43; (P) 146.72; (R1) 147.44; More…
USD/JPY’s steep fall suggests that rebound from 142.10 has completed at 148.01 already. Sideway pattern from 148.64 is extending with another falling leg. Intraday bias is turned neutral. On the upside. firm break of 148.64 will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22.
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.
