Daily Pivots: (S1) 158.25; (P) 158.59; (R1) 159.28; More…
USD/JPY’s rise from 151.85 is still in progress and intraday bias stays on the upside. Further rally could be seen to 160.20 high, or possibly to 100% projection of 151.86 to 157.70 from 154.53 at 160.37. But upside should be limited there, at least on first attempt. On the downside, below 158.24 minor support will turn intraday bias neutral first.
In the bigger picture, price actions from 160.20 medium term top are seen as a corrective pattern to rise from 150.25 only. Another rally is still expected at a later stage through 160.02 to resume the larger up trend. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.
