Daily Pivots: (S1) 149.66; (P) 150.11; (R1) 150.51; More…
Immediate focus is now on 149.20 support in USD/JPY. Firm break there will suggest that price actions from 150.87 are correcting whole rally from 140.25 at least, with prospect of reversing the whole move. Intraday bias will be back to the downside for channel support (now at 148.69), and then 38.2% retracement of 140.25 to 150.87 at 146.81. Nevertheless, strong bounce from current level will maintain near term bullishness. Break of 150.87 will target 151.89/93 key resistance zone.
In the bigger picture, rise from 140.25 is seen as resuming the trend from 127.20 (2023 low). Decisive break of 151.89/.93 resistance zone will confirm this bullish case and target 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. However, break of 148.79 resistance turned support will delay this bullish case, and extend the corrective pattern from 151.89 with another falling leg.
