Daily Pivots: (S1) 147.78; (P) 148.05; (R1) 148.44; More…
Intraday bias in USD/JPY is turned neutral with loss of momentum as seen in 4H MACD. Some consolidations could be seen, but further rally is expected as long as 145.97 resistance turned support holds. Above 148.79 will resume the whole rise from 140.25 to 151.89/93 key resistance zone.
In the bigger picture, stronger than expected rebound from 140.25 dampened the original bearish review. Strong support from 55 W EMA (now at 141.89) is also a medium term bullish sign. Fall from 151.89 could be a correction to rise from 127.20 only. Decisive break of 151.89/93 will confirm resumption of long term up trend. This will now be the favored case as long as 140.25 support holds.
