USD/JPY Price Outlook: Neutral Bias Ahead of Key Breakout Points

The USD/JPY currency pair rebounded to 159.02 last week but retreated since then, maintaining a neutral bias at the start of this week.

If it breaks above 159.02, traders can expect the price to target the 61.8% retracement of 163.97 to 152.87 at 159.72.

However, if the support level of 156.81 is broken, the bias may shift towards a deeper pullback for the USD/JPY pair.

In the bigger picture, the price action from 163.97 medium-term top is seen as correcting the rise from 139.87, with the first leg potentially completed at 152.87 ahead of the 152.25 structure support.

The long-term outlook remains bullish as long as the 139.87 support holds, even in case of a deep pullback.