Daily Pivots: (S1) 130.93; (P) 132.81; (R1) 134.11; More…
USD/JPY is still bounded in range below 135.58 and intraday bias remains neutral. Outlook stays bullish as long as 131.34 resistance turned support holds. Above 135.58 will resume larger up trend to 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81. Firm break there will target 100% projection at 143.29. However, firm break of 131.34 will bring deeper pull back to 55 day EMA (now at 128.34).
In the bigger picture, current rally is seen as part of the long term up trend from 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.
