Daily Pivots: (S1) 147.44; (P) 147.68; (R1) 147.91; More…
USD/JPY’s rebound from 145.47 resumes today and the strong support from 55 4H EMA affirms near term bullishness. Intraday bias is now mildly on the upside for 149.12 resistance. Firm break there should confirm that correction from 150.90 has completed at 145.47. Rise from 139.87 should be ready to resume through 150.90. ON the downside, though, below 147.45 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.
