Daily Pivots: (S1) 155.23; (P) 155.61; (R1) 155.93; More…
Immediate focus in USD/JPY is now on 156.94 resistance with today’s strong rise. Firm break there will argue that larger rally from 139.87 is resuming through 157.88 to 158.85 key structural resistance. Decisive break there will be a strong medium term bullish signal. Risk will now stay on the upside as long as 154.38 support holds, in case of retreat.
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.
