(Corrects an upside level)

Level Technical Significance

148.54 76.4% Fibo 151.21-139.89

147.90 Daily Cloud Base

147.71 Daily High Apr 10

146.89 61.8% Fibo 151.21-139.89

145.39 ==Update Price==

143.45 Daily Low May 8

142.45 Daily Low May 7

141.97 Daily Low Apr 29

140.00 Psychological Level

Strategy Await Signal

Current Position Flat @ 154.30

Target: Stop:

Open/Close 03-Feb-25

USD/JPY is quite volatile while trading persists below the 146.89 Fibo resistance, a 61.8% retrace of the 151.21-139.89 (March-April) EBS drop. There will likely be a bearish resumption in coming sessions to probe the April 29 141.97 low initially. However, a daily close above the 146.89 Fibo would likely cause a shift in the overall bias back to the upside.

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)