Daily Pivots: (S1) 158.81; (P) 159.12; (R1) 159.67; More…
USD/JPY’s break of 159.44 resistance suggests that whole rally from 139.87 is resuming. Intraday bias stays on the upside for retesting 161.94 high. Firm break there will confirm larger up trend resumption. Next target is 61.8% projection of 139.87 to 159.44 from 152.25 at 164.34. On the downside, below 158.55 minor support will turn intraday bias neutral first.
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. Firm break of 161.94 will pave the way to 61.8% projection of 102.58 to 161.94 from 139.87 at 176.75.
