USD/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 148.15; (P) 148.48; (R1) 148.80; More…

Intraday bias in USD/JPY is turned neutral as it retreated ahead of 149.17 resistance. On the upside, firm break of 149.17 will resume the whole rise from 139.87 to 100% projection of 139.87 to 148.64 from 142.66 at 151.43, which is close to 151.22 fibonacci level. However, break of 147.50 support will extend the corrective pattern from 149.17, and target 145.84 support.

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.

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