USD/JPY’s rise from 155.01 resumed by breaking through 159.33 temporary top. Intraday bias is back on the upside for retesting 160.71 high. Strong resistance is expected from there to start the third leg of the near term corrective pattern. On the downside, break of 158.74 minor support will turn bias to the downside for 55 D EMA (now at 158.29) and below.
In the bigger picture, for now, corrective pattern from 161.94 (2024 high) is still seen as completed at 139.87. Rise from there is seen as resuming the long term up trend. So, break of 161.94 is expected at a later stage to resume the long term up trend. However, sustained break of 55 W EMA (now at 154.53) will dampen this view and bring deeper fall back towards 139.87 to extend the pattern from 161.94.
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