Daily Pivots: (S1) 148.93; (P) 149.43; (R1) 150.30; More…
Intraday bias in USD/JPY remains on the upside for the moment. Rise from 145.47 is in progress for retesting 150.90. Break there will resume whole rise from 139.87 to 151.22 fibonacci level. On the downside, below 148.55 minor support will turn intraday bias neutral first, before staging another rise.
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.
