Daily Pivots: (S1) 149.97; (P) 150.68; (R1) 151.16; More…
USD/JPY accelerates lower today and the break of 149.95 resistance turned support indicates that a short term top was already formed at 153.26. Intraday bias is now on the downside for 55 D EMA (now at 148.58) instead. Sustained break there will raise the chance of bearish reversal and target 145.47 structural support next. On the upside, above 151.38 minor resistance will turn intraday bias neutral again first.
In the bigger picture, current development suggests that corrective pattern from 161.94 (2024 high) has completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94 high. On the downside, break of 145.47 support will dampen this bullish view and extend the corrective pattern with another falling leg.
 instead. Sustained break there will raise the chance of bearish reversal and target 145.47 structural support next. On the upside, above 151.38 minor resistance will turn intraday bias neutral again first.){kind=link}