Daily Pivots: (S1) 154.57; (P) 155.05; (R1) 155.60; More…
Intraday bias in USD/JPY stays on the downside for the moment. Sustained trading below channel support should bring deeper correction to 55 D EMA (now at 153.11). Firm break there will bring deeper fall to 150.90 cluster (38.2% retracement of 139.87 to 157.88 at 151.00). For now, risk will stay on the downside as long as 156.17 resistance holds, in case of recovery.
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 resistance turned support will dampen this bullish view and extend the corrective range pattern with another falling leg.
. Firm break there will bring deeper fall to 150.90 cluster (38.2% retracement of 139.87 to 157.88 at 151.00). For now, risk will stay on the downside as long as 156.17 resistance holds, in case of recovery.){kind=link}