USD/JPY dipped to 149.20 final week however shortly recovered. Preliminary bias stays impartial this week first. On the upside, break of 150.87 will resume the rise from 140.25 to 151.89/93 key resistance zone. However, contemplating bearish divergence situation in 4H MACD, agency break of 149.20 will verify brief time period topping at 150.87. Deeper fall could be seen to channel assist (now at 148.33), whilst a corrective transfer.
Within the greater 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. Nevertheless, break of 148.79 resistance turned assist will delay this bullish case, and prolong 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) remains to be in favor to proceed via 151.93 (2022 excessive) at a later stage.
