Intraday bias in USD/JPY remains mildly on the downside despite current recovery. Focus stays on 154.76/155.01 key support zone. Strong support is expected from the zone to bring rebound. But decisive break there will carry larger bearish implications. On the upside above 157.35 minor resistance will turn intraday bias neutral first.
In the bigger picture, as long as 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76) holds, the larger up trend is still expected to continue through 163.97 after current correction completes. However, firm break of 155.01 will raise the chance that USD/JPY is already in a larger scale correction, and open up deeper fall to 61.8% retracement at 149.07 next.
