USD/JPY Intraday Outlook and Analysis
The intraday bias in USD/JPY remains neutral as the corrective pattern from 129.66 is in progress. As long as the 133.03 resistance holds, the outlook is bearish. On the downside, breaking 129.66 would target a test of the 127.24 low. A decisive break there would resume the larger decline from 151.97, aiming for the 61.8% projection of 151.97 to 127.24 from 137.94 at 122.65.
In the bigger picture, the rebound from 127.24 likely completed at 137.94 as a corrective move. The downtrend from 151.97 (2022 high) is still in progress. Breaking the 127.24 level would resume this downtrend and target the 61.8% projection of 151.97 to 127.24 from 137.94 at 122.65. This scenario is favored as long as the 137.94 resistance holds.