Daily Pivots: (S1) 159.12; (P) 159.45; (R1) 159.95; More…
USD/JPY’s rally continues today and focus is now on 160.45 resistance. Firm break there will confirm larger rally resumption for 161.94 high next. On the downside, below 158.94 minor support will indicate that consolidation pattern from 160.45 is starting another down leg. But still, overall outlook will remain bullish as long as 157.49 cluster support (38.2% retracement of 152.25 to 160.45 at 157.31) holds. Upside breakout is just delayed in this case.
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 153.81) 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.
 holds. Upside breakout is just delayed in this case.){kind=link}