Daily Pivots: (S1) 146.02; (P) 146.62; (R1) 147.12; More…
Outlook in USD/JPY is unchanged and intraday bias stays neutral. As long as 55 D EMA (now at 145..91 ) holds, further rally is still expected. On the upside, above 147.94 minor resistance will bring retest of 149.17. Firm break there will target 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. However, sustained trading below 55 D EMA will argue that the whole rebound from 139.87 might have completed and target 142.66 support for confirmation.
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. in case of another fall.
 holds, further rally is still expected. On the upside, above 147.94 minor resistance will bring retest of 149.17. Firm break there will target 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. However, sustained trading below 55 D EMA will argue that the whole rebound from 139.87 might have completed and target 142.66 support for confirmation.){kind=link}