Daily Pivots: (S1) 156.93; (P) 157.41; (R1) 157.94; More…
Intraday bias in USD/JPY is turned neutral with current retreat and some consolidations would be seen. Downside should be contained above 154.47 resistance turned support to bring another rally. Above 157.88 temporary top will resume larger rise to 161.8% projection of 146.58 to 153.26 from 149.37 at 160.17.
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. Decisive break of 158.85 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 150.90 restiveness turned support will dampen this bullish view and extend the corrective pattern with another falling leg.
