Daily Pivots: (S1) 150.29; (P) 150.75; (R1) 151.21; More…
Intraday bias in USD/JPY remains on the upside at this point. Rise from 139.87 is likely resuming. Firm break of 100% projection of 142.66 to 150.90 from 145.47 at 153.71 would prompt upside acceleration to 161.8% projection at 158.80. 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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