Daily Pivots: (S1) 154.10; (P) 154.56; (R1) 154.98; More…
Intraday bias in bias in USD/JPY remains neutral and more consolidations would be seen below 155.03 temporary top. Further rally is expected as long as 152.81 support holds. Above 155.03 will resume the rise from 139.87 to 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. However, firm break of 152.81 will confirm short term topping and turn bias back to the downside for deeper pullback.
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.
