Daily Pivots: (S1) 160.43; (P) 160.63; (R1) 160.98; More…
USD/JPY’s rally continues today and intraday bias stays on the upside. Next target is 161.8% projection of 151.86 to 157.70 from 154.53 at 163.97. On the downside, below 60.27 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.
