Intraday bias in USD/JPY is turned neutral first, as it recovered well ahead of 130.38 support. Overall outlook is unchanged that price actions from 139.37 are developing into a corrective pattern to larger up trend. Below 130.38 will target 100% projection of 139.37 to 130.38 from 135.57 at 126.58. But downside should be contained by 126.35 structure support. On the upside, above 135.57 will resume the rebound form 130.38 to retest 139.37, but firm break there is not expected even in this case.
In the bigger picture, fall from 139.37 medium term top is seen as correcting whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.
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