Daily Pivots: (S1) 151.96; (P) 152.48; (R1) 153.22; More…
Intraday bias in USD/JPY is turned neutral with current retreat, and some consolidations would be seen below 153.20 temporary top first. But downside should be contained above 149.95 resistance turned support to bring another rally. On the upside, above 153.20 will resume larger rise to 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.
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.
