Intraday bias in USD/JPY is back on the upside as rebound from 155.22 resumed. Strong resistance could emerge from 159.59 to 160.62 zone (50% and 61.8% retracement of 163.97 to 155.22) to limit upside. On the downside, firm break of 158.58 will turn bias back to the downside for deeper pullback. However, firm break of 159.59 will pave the way back to retest 163.97 high.
In the bigger picture, as long as 155.01 cluster support (38.2% retracement of 139.87 to 163.97 at 154.76) holds, the larger up trend is still expected to continue through 163.97 after current correction completes. However, firm break of 155.01 will raise the chance that USD/JPY is already in a larger scale correction, and open up deeper fall back to 139.87 (2025 low) in the medium term.
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