Further rise could still be seen in USD/JPY, but strong resistance is expected from 61.8% retracement of 163.97 to 155.22 at 160.62 to limit upside. On the downside, below 159.39 minor support will bring deeper fall back to 157.99. However, sustained break of 160.62 will pave the way to 100% projection of 155.22 to 159.76 from 157.99 at 162.53.
In the bigger picture, as long as 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76) holds, the larger up trend is still expected to continue through 163.97 after current correction completes. However, firm break of 155.01 will raise the chance that USD/JPY is already in a larger scale correction, and open up deeper fall back to 139.87 (2025 low) in the medium term.
