Intraday bias in USD/JPY stays mildly on the upside at this point. Decisive break of 161.94 high will resume the larger up trend to 100% projection of 152.25 to 160.71 from 155.01 at 163.47 next. On the downside, break of 160.58 minor support will turn bias back to the downside, and bring deeper pullback to 55 D EMA (now at 159.30).
In the bigger picture, for now, corrective pattern from 161.94 (2024 high) is still seen as completed at 139.87. Rise from there is seen as resuming the long term up trend. This will remain the favored case as long as 55 W EMA (now at 155.17) holds.
