Daily Pivots: (S1) 153.72; (P) 154.11; (R1) 154.54; More…
USD/JPY’s rally continues today and intraday bias stays on the upside. Current rally from 139.87 should target 100% projection of 146.58 to 153.26 from 149.37 at 156.05. Firm break there will pave the way to 158.86 key structural resistance. For now, near term outlook will stay bullish as long as 152.81 support holds, in case of retreat.
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 149.37 support will dampen this bullish view and extend the corrective pattern with another falling leg.
