Daily Pivots: (S1) 153.64; (P) 153.95; (R1) 154.43; More…
Immediate focus is now on 154.47 resistance in USD/JPY. Decisive break there will confirm resumption of whole up trend from 139.87. Next target is 100% projection of 146.58 to 153.26 from 149.37 at 156.05. Break there will pave the way to 158.85 key structural resistance. However, break of 152.81 support will turn bias back to the downside for 149.37 support for deeper correction.
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 149.37 support will dampen this bullish view and extend the corrective pattern with another falling leg.
