Daily Pivots: (S1) 151.83; (P) 152.45; (R1) 153.35; More…
USD/JPY’s rebound from 151.52 is still capped below 153.26 resistance and intraday bias remains neutral for now. On the upside, firm break of 153.26 will resume larger rally from 139.87. Next target is 100% projection of 146.58 to 153.26 from 149.37 at 156.05. However, break of 151.52 will extend the corrective pattern from 153.26 with another falling leg, and target 149.37 support 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.
