USD/JPY fell sharply after edging higher to 156.78 but recovered again after hitting 153.59. Initial bias remains neutral this week first. Price actions from 160.20 are seen as a corrective pattern. On the upside break of 156.78 will resume the rise from 151.86, as the second leg, to retest 160.20 high. On the downside, below 153.59 will target 151.86 and below as the third leg.
In the bigger picture, a medium term top might be formed at 160.20. But as long as 150.87 resistance turned support holds, fall from there is seen as correcting rise from 150.25 only. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.
In the long term picture, as long as 140.25 support holds, up trend from 75.56 (2011 low) is still in progress. Next target is 138.2% projection of 75.56 (2011 low) to 125.85 (2015 high) from 102.58 at 172.08.
