Intraday bias in USD/JPY is turned neutral with current recovery. On the upside, break of 154.79 minor resistance will indicate short term bottoming, and bring stronger rebound to 55 4H EMA (now at 155.9). On the downside, below 152.87 will extend the fall from 163.97 to 149.07 fibonacci level next.
In the bigger picture, the break of 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76), together with bearish divergence condition in both D and W MACD, suggests that 163.97 is already a medium term top. Fall from would now target 61.8% retracement at 149.07 next. Firm break there will target 139.87 support.
. On the downside, below 152.87 will extend the fall from 163.97 to 149.07 fibonacci level next.){kind=link}