Daily Pivots: (S1) 155.84; (P) 156.61; (R1) 157.49; More…
Intraday bias in USD/JPY stays on the upside at this point. Choppy rise from 151.86 would continue to retest 160.20 high but strong resistance could be seen there to limit upside. On the downside, below 156.57 minor support will turn intraday bias neutral first.
In the bigger picture, a medium term top should be formed at 160.20. As long as 55 W EMA (now at 147.77) holds, fall from 160.20 is seen as correcting the rise from 140.25 only. However, sustained break of 55 W EMA will argue that larger correction is possibly underway, and target 146.47 support next.
