Daily pivots: (S1) 159.39; (F) 159.71; (R1) 159.94; more…
USD/JPY intraday bias remains neutral at this point as consolidation continues below 160.45. Further upside is expected as long as cluster support remains at 157.49 (38.2% retracement level from 152.25 to 160.45 at 157.31). A strong breakout of 160.45 will resume the rise from 152.25 to retest the high of 161.94. However, a strong break of the 157.31/49 area would bring a deeper pullback to the 61.8% retracement levels at 155.38 next.
In the bigger picture, the outlook is unchanged as the corrective pattern from 161.94 (2024 high) should be completed in three waves at 139.87. The larger uptrend from 102.58 (2021 low) may be ready to resume via 161.94. This will remain the preferred case as long as the 55 EMA (now at 152.97) remains intact. A strong break of 161.94 will pave the way for a 61.8% forecast of 102.58 to 161.94 from 139.87 at 176.75.
