Daily Pivots: (S1) 148.15; (P) 148.48; (R1) 148.80; More…
USD/JPY’s rise from 145.84 resumed after brief retreat and intraday bias back on the upside. Firm break of 149.17 resistance will resume whole rally from 139.87 to 100% projection of 139.87 to 148.64 from 142.66 at 151.43, which is close to 151.22 fibonacci level. On the downside, below 147.79 minor support will turn intraday bias neutral again.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). Decisive break of 61.8% retracement of 158.86 to 139.87 at 151.22 will argue that it has already completed with three waves at 139.87. Larger up trend might then be ready to resume through 161.94 high. In case the corrective pattern extends with another fall, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound.
