The USD/JPY pair is showing an upward bias during the day with minor support at 151.44 remaining intact. If the pair continues to trade above the 61.8% retracement level of 153.39, we could see a retest of the high at 161.94. However, if the price falls below the minor support at 151.44, the bias could turn neutral again.
Looking at the bigger picture, it appears that the price movements from 161.94 are part of a corrective pattern following the rise from the low of 102.58 in 2021. The medium-term consolidation range is expected to be between the 38.2% retracement level at 139.26 and the high at 161.94. Nevertheless, a sustained break below 139.26 could lead to a further decline towards the 61.8% retracement level at 125.25.
In summary, the USD/JPY pair is currently maintaining an upward bias with key levels to watch for both bullish and bearish scenarios. Traders should monitor the price action around the support and resistance levels mentioned to gauge the potential direction of the pair in the near future.
