Daily Pivots: (S1) 154.98; (P) 155.36; (R1) 155.89; More…
USD/JPY’s rally continues today and breaks above 100% projection of 146.58 to 153.26 from 149.37 at 156.05. There is no sign of topping yet and the break of medium term rising channel indicates upside acceleration. Intraday bias stays on the upside. Next target is 158.85 key structural resistance, and then 161.8% projection at 160.17. On the downside, below 155.20 minor support will turn intraday bias neutral and bring consolidations, before staging another rise.
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 150.90 restiveness turned support will dampen this bullish view and extend the corrective pattern with another falling leg.
