Daily Pivots: (S1) 154.91; (P) 155.15; (R1) 155.58; More…
USD/JPY’s rally accelerates today and breaks through 155.20 fibonacci level. There is no sign of topping yet. Intraday bias stays on the upside at this point. Sustained trading above 155.20 will pave the way 100% projection of 140.25 to 150.87 from 146.47 at 157.09. For now, break of 154.77 resistance turned support is needed to indicate short term toping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, current rise from 140.25 is seen as the third leg of the up trend from 127.20 (2023 low). Next target is 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. Firm there will target 100% projection of 140.25 to 150.87 from 146.47 at 157.09., Outlook will remain bullish as long as 150.87 resistance turned support holds, even in case of deep pullback.
