Day by day Pivots: (S1) 156.06; (P) 157.26; (R1) 159.53; Extra…
Yen’s steep retreat at this time suggests {that a} quick time period high is already in place 160.20, near 160 psychological degree. Intraday bias is turned impartial for consolidations first. Some help may come from 38.2% retracement of 146.47 to 160.20 at 154.95 to deliver restoration. However break of 160.20 shouldn’t be envisaged for now. Nevertheless, agency break of 154.95 will flip bias to the draw back for deeper correction to 55 D EMA (now at 151.80).
Within the greater image, present rise from 140.25 is seen because the third leg of the up pattern from 127.20 (2023 low). Subsequent goal is 100% projection of 127.20 to 151.89 from 140.25 at 164.94. Outlook will stay bullish so long as 150.87 resistance turned help holds, even in case of deep pullback.
