Daily Pivots: (S1) 147.44; (P) 148.15; (R1) 148.64; More…
Intraday bias in USD/JPY remains on the downside for for 145.47 support. Strong support from there will keep the pattern from 150.90 corrective. That is, rise from 139.87 would still be in favor to resume at a later stage. However, decisive break of 145.47 will indicate near term reversal, and bring deeper fall to 142.66 support next.
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.
