Intraday bias in USD/JPY remains mildly on the upside for the moment. Rebound from 152.87 short term bottom should continue to 38.2% retracement of 163.97 to 152.87 at 157.11. On the downside, break of 152.87 will extend the fall from 163.87 to 149.07 fibonacci level next.
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.
