Daily Pivots: (S1) 151.96; (P) 152.48; (R1) 153.22; More…
USD/JPY’s rally from 145.47 is in progress and intraday bias stays on the upside for 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, current development suggests that corrective pattern from 161.94 (2024 high) has completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could 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.
