Daily Pivots: (S1) 155.22; (P) 155.61; (R1) 156.31; More…
USD/JPY’s breach of 156.17 resistance suggests that corrective pullback from 157.88 has completed at 154.33. Intraday bias is back on the upside for retesting 157.88 high. Firm break there will resume larger rally to 158.85 structural resistance. For now, risk will stays mildly on the upside as long as 154.33 support holds, in case of retreat.
In the bigger picture, corrective pattern from 161.94 (2024 high) could have 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.
