Daily Pivots: (S1) 149.45; (P) 149.97; (R1) 150.88; More…
Breach of 150.90 suggests that USD/JPY’s rally from 139.87 is resuming. Intraday bias is stays on the upside for 151.22 fibonacci level. Sustained break there will carry larger bullish implication. Next near term target will be 100% projection of 142.66 to 150.90 from 145.47 at 153.71. On the downside, below 149.74 minor support 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.
