Daily Pivots: (S1) 141.57; (P) 142.60; (R1) 143.14; More…
USD/JPY is still bounded in consolidation from 140.94 and intraday bias stays neutral. Also, outlook will remain bearish as long as 146.58 resistance holds. Firm break of 140.94 will resume the whole fall from 151.89. Next target will be next fibonacci level at 136.63.
In the bigger picture, fall from 151.89 is seen as the third leg of the corrective pattern from 151.93 (2022 high). Deeper decline would be seen to 61.8% retracement of 127.20 to 151.89 at 136.63, sustained break there will pave the way to 127.20 support (2022 low). This will now remain the favored as long as 146.58 resistance holds.
