Daily Pivots: (S1) 149.29; (P) 150.07; (R1) 151.54; More…
Intraday bias in USD/JPY is turned neutral first with current steep decline. Further rally is still expected as long as 145.84 support holds. Above 150.90 will resume the rise from 139.87 to 100% projection of 139.87 to 148.64 from 142.66 at 151.43. However, firm break of 145.84 will indicate near term reversal and turn outlook bearish.
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.
