Daily Pivots: (S1) 155.56; (P) 156.85; (R1) 157.75; More…
USD/JPY’s break of 156.01 support indicates short term topping at 158.86, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for 55 D EMA (now at 154.44). Firm break there will target 38.2% retracement of 139.57 to 158.86 at 151.49 next. For now, risk will stay on the downside as long as 158.86 resistance holds, in case of recovery.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
