Intraday bias in USD/JPY remains mildly on the downside. Pullback from 162.83 short term top would extend to 38.2% retracement of 155.01 to 162.83 at 159.84. Since this level is close to 55 D EMA (now at 159.95), strong support should be seen from there to bring rebound. On the upside, above 161.63 minor resistance will turn intraday bias neutral. Overall, consolidations should continue below 162.83 for a while.
In the bigger picture, rise from 139.87 (2025 low) is seen as another rising leg of the long term up trend. Next target is 61.8% projection of 139.87 to 159.44 from 152.25 at 164.34. For now, outlook will remain bullish as long as 155.01 support holds, even in case of deep pullback.
