USD/JPY continued to stay in sideway trading last week. Initial bias remains neutral this week and further rise is mildly in favor as long as 156.36 support holds. Above 159.02 will extend the rebound from 152.87 to 160.38 key structural resistance next. Nevertheless, break of 156.36 will bring deeper fall back to 152.87 support instead.
In the bigger picture, price action from 163.97 medium term top is seen as correcting the rise from 139.87. The first leg could have completed at 152.87, ahead of 152.25 structure support. Sustained break above 55 D EMA (now at 158.09) would pave the way back to retest 163.97 high. Nevertheless, strong resistance should be seen there to cap upside. There would likely another falling leg before the pattern completes.
In the long term picture, long term outlook will stay bullish as long as 139.87 support holds, even in case of deep pullback. Up trend from 75.56 (2011 low) is still in favor to resume after current correction from 163.97 completes.
