Daily Pivots: (S1) 157.99; (P) 158.27; (R1) 158.64; More…
No change in USD/JPY’s outlook and intraday bias stays mildly on the upside. Rise from 139.57 is still in progress for 61.8% projection of 139.57 to 156.74 from 148.64 at 159.25. Firm break there will e target 161.94 high. However, break of 156.01 support will indicate short term topping, likely with bearish divergence condition. Intraday bias will then be back on the downside for 55 D EMA (now at 153.98) instead.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
 instead.){kind=link}