Daily Pivots: (S1) 156.23; (P) 156.96; (R1) 157.54; More…
Intraday bias in USD/JPY remains neutral first. Decisive break of 156.36 will confirm short term topping at 157.70, on bearish divergence condition in 4 H MACD. Intraday bias will be back on the downside for 153.59 support. Firm break there will target 151.86 and below as the third leg of the corrective pattern from 160.20.
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.
