Chartbook: Chart USD/JPY: Corrective bounce expected to give way to renewed selling pressure

Saw sharp losses from the 164.00 July high to correct between 38.2-50% of the rally from 140.00, April 2025 year low. 

Rebound from the 153.00 low see prices retracing the two-legged losses to reach towards resistance at 158.00/158.45, congestion and 50% Fibonacci level, which is expected to cap. Break here, if seen, will open up room for stronger gains to the 159.75, 61.8% Fibonacci level. Corrective gains are expected to give way to renewed selling pressure later to retest the 153.00 level.   

Break of 153.00 level will open up room for deeper pullback to strong support at the 152.10/152.00 January current year low and 50% Fibonacci level. Lower still, will see continuation to 149.00, 61.8% Fibonacci level, and 147.50 channel support from 127.20 , 2023 year low.