USD/JPY’s rally from 152.87 resumed after brief consolidations and intraday bias is back on the upside. Next target is 61.8% retracement of 163.97 to 152.87 at 159.72 On the downside, below 156.81 minor support will turn intraday bias neutral again.
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.
