Daily pivots: (S1) 157.59; (F) 157.75; (R1) 158.00; more…
The intraday bias for USD/JPY remains neutral. On the upside, a strong break of 157.92 will indicate that the pullback from 160.71 has been completed, and will shift the bias back to the upside for a stronger recovery. On the downside, minor support below 156.77 will bring a retest of 155.01. A strong breakout there will resume the decline from the 160.71 support level to 152.25 after that.
In the bigger picture, for now, the corrective pattern from 161.94 (2024 high) remains completed at 139.87. A rally from there is seen as a resumption of the long-term uptrend. Therefore, a break of 161.94 is expected at a later stage to resume the long-term uptrend. However, a sustained break of the 55 W EMA (now at 154.13) will weaken this view and bring back a deeper decline towards 139.87 to extend the pattern from 161.94.
