Daily Pivots: (S1) 151.61; (P) 152.26; (R1) 152.75; More…
USD/JPY recovered after breaching 55 4H EMA (now at 151.99), and intraday bias is turned neutral. On the upside, firm break of 153.24 will resume larger rally from 139.87. On the downside, break of 151.52 and sustained trading below 55 4H EMA will indicate that corrective pattern from 153.26 is extending with the third leg, and target 149.37 support next.
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.
, and intraday bias is turned neutral. On the upside, firm break of 153.24 will resume larger rally from 139.87. On the downside, break of 151.52 and sustained trading below 55 4H EMA will indicate that corrective pattern from 153.26 is extending with the third leg, and target 149.37 support next.){kind=link}