Daily Pivots: (S1) 160.00; (P) 160.43; (R1) 161.26; More…
Intraday bias in USD/JPY remains on the upside at this point. Sustained trading above 100% projection of 151.86 to 157.70 from 154.53 at 160.37 will pave the way to 161.8% projection at 163.97. On the downside, below 159.18 minor support will turn intraday bias neutral again first. But outlook will stay bullish as long as 157.70 resistance turned support holds.
In the bigger picture, there is no sign of long term trend reversal yet. Further rally is expected as long as 151.86 support holds. Decisive break of 160.02 will target 100% projection of 127.20 to 151.89 from 140.25 at 164.94.
