Daily Pivots: (S1) 159.70; (P) 160.05; (R1) 160.65; More…
Intraday bias in USD/JPY is turned neutral with current retreat. Some consolidations would be seen but further rally is still in favor. Above 160.45 will bring retest of 161.94 high. Nevertheless, considering bearish divergence condition in 4H MACD, sustained break of 55 4H EMA will indicate short term topping, and turn bias to the downside for 157.94 support 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 152.97) 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.
