Daily Pivots: (S1) 154.89; (P) 155.32; (R1) 156.12; More…
USD/JPY is still extending the corrective pattern from 157.88 and intraday bias stays neutral. On the upside, break of 156.94 will suggests that larger rally from 138.87 is resuming. Retest of 157.88 high should be seen and then 158.85 key structural resistance. On the downside, break of 154.33 will bring deeper correction to 55 D EMA (now at 153.90) and possibly below.
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.
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