Daily Pivots: (S1) 119.21; (P) 119.36; (R1) 119.61; More…
USD/JPY’s rally continues today and hits as high as 120.45 so far. Intraday bias remains on the upside. Current up trend should target 100% projection of 109.11 to 116.34 from 114.40 at 121.63 next. On the downside, below 119.10 will turn intraday bias neutral and bring consolidation. But downside should be contained well above 116.34 resistance turned support to bring another rally.
In the bigger picture, the break of 118.65 resistance (2016 high) suggest that up trend from 98.97 (2016 low) is resuming, with rise from 101.18 (2020 low) as the third leg. Medium term outlook will remain bullish as long as 113.46 low. Sustained trading above 118.65 will pave the way to 125.85 (2015 high).
