Intraday bias in USD/JPY remains on the downside at this point. Fall from 163.97 is likely reversing the whole rise from 139.87. as a larger scale correction. Deeper fall should be seen to 149.07 fibonacci level next. On the upside, above 155.28 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 160.38 resistance holds, in case of recovery.
In the bigger picture, the break of 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76), together with bearish divergence condition in both D and W MACD, suggests that 163.97 is already a medium term top. Fall from would now target 61.8% retracement at 149.07 next. Firm break there will target 139.87 support.
