USD/JPY rebounded strongly after initial dive to 147.14 last week. But upside is capped by 55 4H EMA (now at 149.59). Initial bias remains neutral this week first, with risk on the downside. Break of 148.57 minor support will turn bias to the downside the resume the fall from 151.89 through 147.14 support. However sustained break of 55 4H EMA will revive near term bullishness, and target a retest on 151.89/93 resistance zone.
In the bigger picture, rise from 127.20 (2023 low) is seen as the second leg of the pattern from 151.93 (2022 high). Decisive break of 145.06 resistance turned support will confirm that this second leg has completed, after rejection by 151.93. Deeper fall would be seen through 38.2% retracement of 127.20 to 151.89 at 142.45 to 61.8% retracement at 136.63. Nevertheless strong bounce from 145.06 will retain medium term bullishness for another test on 151.93 at a later stage.
In the long term picture, up trend from 75.56 (2011 low) is still in progress. Next target will be 61.8% projection of 102.58 to 151.93 from 127.20 at 157.69. This will remain the favored case as long as 127.20 support holds.
. Initial bias remains neutral this week first, with risk on the downside. Break of 148.57 minor support will turn bias to the downside the resume the fall from 151.89 through 147.14 support. However sustained break of 55 4H EMA will revive near term bullishness, and target a retest on 151.89/93 resistance zone.){kind=link}