Daily Pivots: (S1) 156.54; (P) 156.80; (R1) 157.15; More…
Intraday bias in USD/JPY is mildly on the upside with breach of 157.88 resistance. Rise from 139.87 is trying to resume. Firm break of 158.85 key structural resistance will be an important medium term bullish sign. Next target will be 161.94 high. In any case, outlook will continue to stay bullish as long as 156.10 support holds.
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 154.33 support will dampen this bullish view and extend the corrective range pattern with another falling leg.
