Daily Pivots: (S1) 154.43; (P) 154.86; (R1) 155.70; More…
USD/JPY’s rise resumed by breaking through 155.03 temporary top and intraday bias is back on the upside. Current rally from 139.87 should now target 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, considering bearish divergence condition in 4H MACD, firm break of 153.60 support will indicate short term topping, and bring deeper pullback to 55 D EMA (now at 151.45).
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.
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