Daily Pivots: (S1) 158.23; (P) 159.11; (R1) 159.62; More…
Intraday bias in USD/JPY stays mildly on the upside for the moment. Fall from 160.45 short term top should extend to 157.49 cluster support (38.2% retracement of 152.25 to 160.45 at 157.31. On the upside, above 159.31 minor resistance will turn intraday bias neutral. But near term outlook will stay neutral as long as 160.45 resistance holds, in case of recovery.
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 152.97) 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.
