USD/JPY’s rise from 152.87 accelerated higher today and broke through 38.2% retracement of 163.97 to 152.87 at 157.11 decisively. Intraday bias stays on the upside for 61.8% retracement at 159.72. On the downside, below 156.40 minor support will turn bias neutral first.
In the bigger picture, price action from 163.97 medium term top is seen as correcting the rise from 139.87. The first leg could have completed at 152.87, ahead of 152.25 structure support. Sustained break above 55 D EMA (now at 158.22) would pave the way back to retest 163.97 high. Nevertheless, strong resistance should be seen there to cap upside. There would likely another falling leg before the pattern completes.
