Daily Pivots: (S1) 128.53; (P) 128.99; (R1) 129.73; More…
USD/JPY is staying in consolidation from 131.34 and intraday bias remains neutral. Risk will stay mildly on the downside with 131.34 resistance intact. Correction from there could extend with another falling leg. Below 127.51 will target 125.09 cluster support (38.2% retracement of 114.40 to 131.34 at 124.86).
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.
