Daily Pivots: (S1) 154.55; (P) 157.63; (R1) 159.71; More…
Intraday bias in USD/JPY remains on the downside at this point. Fall from 160.71 would extend lower towards 152.25 cluster support (38.2% retracement of 139.87 to 160.71 at 152.74). Strong support should emerge there to bring rebound, at least on first attempt. On the upside, above 157.58 support turned resistance will turn intraday bias neutral first.
In the bigger picture, for now, corrective pattern from 161.94 (2024 high) is still seen as completed at 139.87. Rise from there is seen as resuming the long term up trend. So, break of 161.94 is expected at a later stage to resume the long term up trend. However, sustained break of 55 W EMA (now at 153.90) will dampen this view and bring deeper fall back towards 139.87 to extend the pattern from 161.94.
. Strong support should emerge there to bring rebound, at least on first attempt. On the upside, above 157.58 support turned resistance will turn intraday bias neutral first.){kind=link}