Daily Pivots: (S1) 147.93; (P) 148.47; (R1) 149.40; More…
Intraday bias in USD/JPY remains on the upside at this point. Corrective pattern from 148.64 has completed with three waves to 142.66, and rise from 139.87 is resuming. Further rally should be seen to 100% projection of 139.87 to 148.64 from 142.66 at 151.43. That is close to 61.8% retracement of 158.86 to 139.87 at 151.22. On the downside, below 147.55 minor support turn intraday bias neutral again first.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). There is no clear sign that the pattern has completed yet. But still, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound.
