Daily Pivots: (S1) 156.22; (P) 156.76; (R1) 157.79; More…
USD/JPY’s recovery from 155.48 accelerates higher today, but it stays below 55 4H EMA (now at 158.27). Intraday bias remains neutral and further decline is still in favor. Below 156.55 minor support will bring retest of 155.48. Break there will extend the fall from 160.71 and target 152.25 cluster support (38.2% retracement of 139.87 to 160.71 at 152.74). However, sustained break of the 55 4H EMA will bring stronger rebound back to retest 160.71 high.
In the bigger picture, for now, corrective pattern from 161.94 (2024 high) is still seen as completed at 139.87. Rise from there is seen as resuming the long term up trend. So, break of 161.94 is expected at a later stage to resume the long term up trend. However, sustained break of 55 W EMA (now at 154.03) will dampen this view and bring deeper fall back towards 139.87 to extend the pattern from 161.94.
. Intraday bias remains neutral and further decline is still in favor. Below 156.55 minor support will bring retest of 155.48. Break there will extend the fall from 160.71 and target 152.25 cluster support (38.2% retracement of 139.87 to 160.71 at 152.74). However, sustained break of the 55 4H EMA will bring stronger rebound back to retest 160.71 high.){kind=link}