Daily Pivots: (S1) 154.91; (P) 155.15; (R1) 155.58; More…
Intraday bias in USD/JPY remains on the upside at this point. Sustained trading above 155.20 fibonacci level will pave the way 100% projection of 140.25 to 150.87 from 146.47 at 157.09. Considering bearish divergence condition in 4H MACD, break of 154.77 resistance turned support will turn bias back to the downside for deeper pull back to 153.58 support first.
In the bigger picture, current rise from 140.25 is seen as the third leg of the up trend from 127.20 (2023 low). Next target is 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. Firm there will target 100% projection of 140.25 to 150.87 from 146.47 at 157.09., Outlook will remain bullish as long as 150.87 resistance turned support holds, even in case of deep pullback.
