Intraday bias in USD/JPY is turned neutral first with current retreat. Further rise is in favor as long as 156.81 minor support holds. Above 159.02 will target 61.8% retracement of 163.97 to 152.87 at 159.72. However, firm break of 156.81 will turn bias back to the downside for deeper pullback.
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.
