USD/JPY’s rise from 152.87 resumed by breaking through 159.02. Intraday bias is now on the upside for 160.38 resistance first. Firm break there will pave the way to 100% projection of 152.87 to 159.02 from 156.06 at 162.21. On the downside, below 158.65 minor support will turn intraday bias neutral first.
In the bigger picture, current development suggests that the first leg of the corrective pattern from 163.97 has completed with three waves down to 152.87. Further rally would be seen to retest this high. But strong resistance should be seen from there to limit upside on first attempt. The correction is still expected to extend with another falling leg before long term up trend resumption.
