Daily Pivots: (S1) 147.44; (P) 148.15; (R1) 148.64; More…
USD/JPY’s break of 147.45 dampens the original bullish view, and suggests that rebound from 145.47 has completed at 149.95. Intraday bias is back on the downside for 145.47, as the pattern from 150.90 extends. On the upside, above 148.21 minor resistance will turn intraday bias neutral again first.
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.
