Daily Pivots: (S1) 153.53; (P) 154.91; (R1) 155.76; More…
Intraday bias in USD/JPY stays on the downside for 152.07 support. Price actions from 159.44 are still seen as a corrective pattern only. Hence, downside should be contained by 38.2% retracement of 139.87 to 159.44 at 151.96 to bring rebound. On the upside, above 154.57 minor resistance will turn intraday bias neutral first. However, sustained break of 151.96 will argue suggests that it’s reversing the rise from 139.87 already.
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.
