Daily Pivots: (S1) 130.88; (P) 131.44; (R1) 132.46; More…
USD/JPY’s strong break of 131.34 resistance confirms up trend resumption. Intraday bias remains on the upside. Next target is 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81. On the downside, below 130.97 minor support will turn intraday bias neutral to bring consolidations first, before staging another rally.
In the bigger picture, current rally is seen as part of the long term up trend form 75.56 (2011 low). Next target is 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, which is close to 147.68 (1998 high). This will remain the favored case as long as 126.35 support holds.
