Daily Pivots: (S1) 155.53; (P) 156.50; (R1) 157.06; More….
USD/JPY’s break of 156.36 minor support argues that rebound from 151.86 has possibly completed with three waves up to 157.70. Corrective pattern from 160.20 might have started the third leg already. Intraday bias is back on the downside for 153.59 support first. Firm break there will solidify this case and target 151.86 support and below. For now, rise will stay on the downside as long as 157.70 resistance holds, in case of recovery.
In the bigger picture, a medium term top might be formed at 160.20. But as long as 150.87 resistance turned support holds, fall from there is seen as correcting rise from 150.25 only. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.
