Daily Pivots: (S1) 130.16; (P) 130.49; (R1) 130.87; More…
Breach of 131.24 resistance argues that USD/JPY’s up trend is resuming. Intraday bias is mildly on the upside for 261.8% projection of 109.11 to 116.34 from 114.40 at 133.26. For now, outlook will remain bullish as long as 128.61 support holds. However, firm break of 128.61 will indicate short term topping, and turn bias to the downside for deeper pull back.
In the bigger picture, current rally is seen as part of the long term up trend form 75.56 (2011 low). Sustained trading above 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04 will pave the way to 100% projection at 149.26, which is close to 147.68 (1998 high). For now, this will remain the favored case as long as 121.27 support holds.
