Daily Pivots: (S1) 149.79; (P) 150.22; (R1) 151.05; More…
Intraday bias in USD/JPY is turned neutral with current recovery. On the downside, below 149.37 will target 55 D EMA (now at 148.78). Sustained break there will target 145.47 support next. Nevertheless, firm break of 151.38 minor resistance will argue that pullback from 153.26 short term top has completed, and bring retest of this high.
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.
. Sustained break there will target 145.47 support next. Nevertheless, firm break of 151.38 minor resistance will argue that pullback from 153.26 short term top has completed, and bring retest of this high.){kind=link}