USD/JPY Stabilizes at 152.87

The USD/JPY currency pair fell to 152.87 last week but has since stabilized, suggesting that further decline is expected as long as the minor resistance at 154.79 holds.

In the bigger picture, the current correction suggests that the entire uptrend from 139.87 may be reversing. A deeper decline is predicted to reach the 61.8% retracement of 139.87 to 163.97 at 149.07 next.

However, in the long-term perspective, the outlook remains bullish as long as the support at 139.87 holds, even in case of a deep pullback. The uptrend from 75.56 (2011 low) is still expected to resume after the current correction completes.