Daily Pivots: (S1) 150.72; (P) 151.39; (R1) 152.55; More…
USD/JPY’s rally accelerates higher today and intraday bias remains on the upside. Next near term target is 100% projection of 142.66 to 150.90 from 145.47 at 153.71. Firm break there will pave the way to 161.8% projection at 158.80. On the downside, below 151.71 minor support will turn bias neutral and bring consolidations first, before staging another rise.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). Decisive break of 61.8% retracement of 158.86 to 139.87 at 151.22 suggests that it has already completed with three waves at 139.87. Larger up trend might then be ready to resume through 161.94 high. On the downside, break of 145.47 support will dampen this bullish view and extend the corrective pattern with another falling leg.
