Daily Pivots: (S1) 115.50; (P) 115.93; (R1) 116.56; More…
Intraday bias in USD/JPY remains on the upside for 61.8% projection of 109.11 to 115.51 from 112.52 at 116.47. Firm break there will extend the up trend from 102.58 to 100% projection at 118.90, which is close to 118.65 long term resistance. On the downside, below 115.64 minor support will turn intraday bias neutral and bring some consolidations, before staging another rally.
In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 120.85 (2015 high) and raise the chance of long term up trend resumption. For now, this will remain the favored case as long as 112.52 support holds, in case of deep pull back.
