Daily Pivots: (S1) 156.75; (P) 157.01; (R1) 157.51; More…
Intraday bias in USD/JPY remains neutral for the moment. Rise from 152.07 is seen as the second leg of the corrective pattern from 159.44. Above 157.65 will target a retest on 159.44 high. However, on the downside, below 155.51 minor support will bring deeper fall as another falling leg. But downside should be contained by 38.2% retracement of 139.87 to 159.44 at 151.96.
In the bigger picture, outlook is unchanged that corrective pattern from 161.94 (2024 high) should have completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94. This will remain the favored case as long as 55 W EMA (now at 151.68) holds. However, sustained break of 55 W EMA will argue that the pattern from 161.94 is extending with another falling leg.
