Intraday bias in USD/JPY is turned neutral first with current recovery. On the upside, above 159.02 resume the rebound from 152.87 towards 160.38 structural resistance next. On the downside, break of 156.36 will bring deeper fall to retest 152.87 low.
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 158.16) 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.
