Daily Pivots: (S1) 146.73; (P) 147.13; (R1) 147.65; More…
Intraday bias in USD/JPY stays neutral at this point. For now, price actions from 150.90 are still seen as a corrective pattern. On the upside, above 148.12 minor resistance will bring stronger rally to 149.95 first. Firm break there should resume larger rally from 139.87 through 150.90. On the downside, though, below 146.58 will bring deeper fall to 145.47 support. 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.
