Daily Pivots: (S1) 154.65; (P) 155.14; (R1) 155.57; More…
USD/JPY recovered after brief initial dip today, but stays below 155.63 temporary top. Intraday bias stays neutral. On the upside, above 155.63 will resume the rally from 152.25 and target 157.65 first. Overall, with 38.2% retracement of 139.87 to 159.44 at 151.96 intact, price actions from 159.44 are seen as a corrective pattern. Also rise from 139.87 is expected to resume through 159.44 at a later stage.
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 151.93) holds. However, sustained break of 55 W EMA will argue that the pattern from 161.94 is extending with another falling leg.
