Intraday bias in USD/JPY remains on the upside for 161.94 high. Firm break there will resume larger up trend. Next near term target will be 100% projection of 152.25 to 160.71 from 155.01 at 163.47. On the downside, break of 160.58 minor support will turn intraday bias neutral first.
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 155.13) will dampen this view and bring deeper fall back towards 139.87 to extend the pattern from 161.94.
