Daily Pivots: (S1) 156.46; (P) 156.82; (R1) 157.30; More…
USD/JPY’s consolidations continue below 157.88 and intraday bias remains neutral. Downside of retreat should be contained by 154.47 resistance turned support to bring rebound. On the upside, break of 157.88 will resume the whole rally from 139.87, and target 161.8% projection of 146.58 to 153.26 from 149.37 at 160.17.
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. Decisive break of 158.85 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 150.90 resistance turned support will dampen this bullish view and extend the corrective range pattern with another falling leg.
