Daily Pivots: (S1) 147.11; (P) 147.47; (R1) 147.84; More…
USD/JPY’s strong rally and break of 149.95 resistance revived the case that corrective pattern from 150.90 has already completed at 145.47. Intraday bias is back on the upside for 150.90 first. Firm break there will resume larger rally from 139.87 to 151.22 fibonacci level. Sustained break there will carry larger bullish implication. On the downside, below 149.01 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.
