Daily Pivots: (S1) 155.66; (P) 155.95; (R1) 156.36; More…
USD/JPY’s rally from 152.25 resumed by braking through 156.81 temporary top. Intraday bias is back on the upside for 157.65 resistance first. Firm break there will pave the way to retest 159.44 high. On the downside, below 155.52 minor support will turn intraday bias neutral. Overall, price actions from 159.44 are viewed as a near term consolidation pattern. Outlook will remain bullish as long as 38.2% retracement of 139.87 to 159.44 at 151.96 holds.
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 152.16) holds. However, sustained break of 55 W EMA will argue that the pattern from 161.94 is extending with another falling leg.
