USD/JPY stayed in consolidation beneath 150.87 final week and outlook is unchanged. Preliminary bias stays impartial this week first. Additional rally is anticipated so long as 148.79 resistance turned assist holds. Break of 150.87 will resume 140.25 to 151.89/93 key resistance zone. Decisive break there’ll verify bigger up pattern resumption of 155.50 projection stage subsequent.
Within the larger image, rise from 140.25 is seen as resuming the pattern from 127.20 (2023 low). Decisive break of 151.89/.93 resistance zone will verify this bullish case and goal 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. Nonetheless, break of 148.79 resistance turned assist will delay this bullish case, and lengthen the corrective sample from 151.89 with one other falling leg.
In the long run image, so long as 125.85 resistance turned assist holds (2015 excessive), up pattern from 75.56 (2011 low) continues to be in favor to proceed by means of 151.93 (2022 excessive) at a later stage.
