USD/JPY’s rebound from 142.66 extended higher last week but upside is still limited below 148.02 resistance. Initial bias remains neutral this week first. Sideway trading from 148.64 could still extend. Nevertheless, firm break of 148.01 will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). There is no clear sign that the pattern has completed yet. But still, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound.
In the long term picture, there is no sign that up trend from 75.56 (2011 low) has completed. But then, firm break of 161.94 is needed to confirm resumption. Otherwise, more medium term range trading could still be seen.
