Daily Pivots: (S1) 156.73; (P) 157.29; (R1) 158.12; More…
Intraday bias in USD/JPY is back on the upside with breach of 157.96 temporary top. Rise from 152.25 is resuming for retesting 159.44 high next. On the downside, below 156.44 support will turn bias neutral again first. 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.
