Daily Pivots: (S1) 155.53; (P) 156.50; (R1) 157.06; More….
Intraday bias in USD/JPY stays on the downside at this point. Rebound from 151.86 should have completed with three waves up to 157.70. Fall from there is seen as the third leg of the corrective pattern from 160.20. Break of 153.59 will pave the way to 151.86 support and below. On the upside, above 155.94 minor resistance will turn intraday bias neutral first. But rise will stay on the downside as long as 157.70 resistance holds, in case of recovery.
In the bigger picture, a medium term top might be formed at 160.20. As long as 55 W EMA (now at 147.77) holds, fall from 160.20 is seen as correcting the rise from 140.25 only. However, sustained break of 55 W EMA will argue that larger correction is possibly underway, and target 146.47 support next.
