Daily Pivots: (S1) 151.31; (P) 151.61; (R1) 152.02; More…
Intraday bias in USD/JPY is turned neutral again with 4H MACD crossed below signal line. On the upside, decisive break of 151.93 resistance will confirm resumption of long term up trend. Next target will be 157.69 projection level. Meanwhile, near term outlook will stay bullish as long as 149.17 support holds, even in case of deep retreat.
In the bigger picture, immediate focus is now on 151.93 resistance (2022 high). Rejection by 151.93, followed by sustained break of 145.06 resistance turned support will argue that rise from 127.20 has completed, and turn outlook bearish for 137.22 support and below. However, sustained break of 151.93 will confirm resumption of long term up trend. Next target will be 61.8% projection of 102.58 (2021 low) to 151.93 from 127.20 at 157.69.
