Last week, USD/JPY moved sideways beneath the 159.02 level. The near‑term bias stays neutral. A break above 159.02 could reignite the upward move from 152.87 toward the 160.38 structural resistance. Conversely, a slip below 156.36 would likely push the pair back toward the 152.87 support zone.
From a broader perspective, the movement since the medium‑term peak at 163.97 appears to be a correction of the advance that began at 139.87. The initial leg of this correction may have ended near 152.87, just ahead of the 152.25 support level. A sustained climb above the 55‑day EMA, currently around 158.09, could set the stage for a retest of the 163.97 high, though strong resistance is expected there to limit further gains. Another leg lower is likely before the pattern fully resolves.
Long‑term, the outlook remains bullish provided the 139.87 support holds, even if a deeper pullback occurs. The uptrend originating from the 2011 low of 75.56 is still intact and should resume once the current correction from the 163.97 peak concludes.
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