Daily Pivots: (S1) 156.70; (P) 156.87; (R1) 157.06; More…
Intraday bias in USD/JPY is turned neutral with current retreat. On the upside, above 157.78 will resume the rally from 151.86, as the second leg of the corrective pattern from 160.20, to 100% projection of 151.86 to 156.78 from 153.59 at 158.51. On the downside, below 155.83 will turn intraday bias to the downside for 153.59. Firm break there will target 151.86 and below as the third leg of the corrective pattern.
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.
