Daily Pivots: (S1) 155.58; (P) 156.26; (R1) 156.72; More…
Intraday bias in USD/JPY is turned neutral with breach of 155.73 minor support. Fall from 157.88 should develope into a corrective pattern. Break of 154.33 will bring deeper fall, but downside should be contained by 55 D EMA (now at 153.51). On the upside, above 156.94 will bring retest of 157.88. Firm break there will resume whole rally from 139.87 to 158.85 key structural resistance.
In the bigger picture, corrective pattern from 161.94 (2024 high) could have 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.
. On the upside, above 156.94 will bring retest of 157.88. Firm break there will resume whole rally from 139.87 to 158.85 key structural resistance.){kind=link}