Daily Pivots: (S1) 155.94; (P) 156.64; (R1) 157.75; More…
Intraday bias in USD/JPY remains neutral and more consolidations could be seen above 155.48 temporary low. Risk will stay on the downside as long as 55 4H EMA (now at 158.45) holds. Below 155.48 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).
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.
