Daily Pivots: (S1) 147.98; (P) 148.45; (R1) 149.38; More…
USD/JPY’s rise from 145.57 extends higher today. The break of 149.12 resistance should confirm that correction from 150.90 has completed at 145.47. Further rally should be seen to retest 150.90. Break there will resume whole rise from 139.87. For now, risk will stay on the upside as long as 147.45 support holds, in case of retreat.
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.
