Intraday bias in USD/JPY remains neutral for the moment. Further rise is mildly in favor as long as 156.36 support holds. Above 159.02 will resume the rebound from 152.87 to 160.38 key structural resistance next. Nevertheless, break of 156.36 will bring deeper fall back to 152.87 support instead.
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 158.09) 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.
