Intraday bias in USD/JPY remains neutral for consolidations below 158.04 temporary top. On the upside, above 158.04 will target 61.8% retracement of 163.97 to 152.87 at 159.72. However, break of 155.32 will turn bias back to the downside for retesting 152.87.
In the bigger picture, price action from 163.97 medium term top is seen as correcting the rise from 139.87. The first leg could have completed at 152.87, ahead of 152.25 structure support. Sustained break above 55 D EMA (now at 158.22) would pave the way back to retest 163.97 high. Nevertheless, strong resistance should be seen there to cap upside. There would likely another falling leg before the pattern completes.
