Daily Pivots: (S1) 150.29; (P) 150.75; (R1) 151.21; More…
USD/JPY’s break of 151.38 minor resistance suggests that corrective pullback form 153.26 has completed at 149.37 already. Intraday bias is back on the upside for retesting 153.26 resistance first. Firm break there will resume whole rise from 139.8y towards 158.86 resistance. On the downside, however, below 149.37 will target 55 D EMA (now at 148.78) instead.
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.
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