Daily Pivots: (S1) 155.05; (P) 156.36; (R1) 157.19; More…
Intraday bias in USD/JPY remains on the downside for the moment, as fall fro 157.65 is extending to 152.07 support. Overall, price actions from 159.44 are seen as a correction to the rally from 139.87, rather than reversal. Downside should be contained by 38.2% retracement of 139.87 to 159.44 at 151.96 to bring rebound. On the upside, above 156.28 minor resistance will resume the rise from 152.07 through 157.65 instead.
In the bigger picture, outlook is unchanged that corrective pattern from 161.94 (2024 high) should have completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94. This will remain the favored case as long as 55 W EMA (now at 151.68) holds. However, sustained break of 55 W EMA will argue that the pattern from 161.94 is extending with another falling leg.
