Daily Pivots: (S1) 159.23; (P) 159.49; (R1) 160.00; More…
USD/JPY is losing some momentum but further rise is in favor as long as 158.55 minor support holds. Rally 152.25 would target a retest on 161.94 high. Firm break there will confirm larger up trend resumption and target 61.8% projection of 139.87 to 159.44 from 152.25 at 164.34. Nevertheless, break of 158.55 should indicate short term topping, and turn bias back to the downside for deeper pullback.
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 152.70) holds. Firm break of 161.94 will pave the way to 61.8% projection of 102.58 to 161.94 from 139.87 at 176.75.
