Intraday bias in USD/JPY stays on the upside as rise from 152.87 continues. Further rise should be seen to 38.2% retracement of 163.97 to 152.87 at 157.11. On the downside, below 154.83 minor support will turn intraday bias neutral first.
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.
