Daily Pivots: (S1) 143.39; (P) 144.05; (R1) 144.74; More…
USD/JPY’s rally resumes by breaking 114.98 and intraday bias is back on the upside. Current up trend should target 147.68 long term resistance. Break there will target 161.8% projection of 126.35 to 139.37 from 130.38 at 151.44 next. On the downside, break of 142.63 minor support will turn intraday bias neutral again first.
In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). Further rise should be seen to 147.68 (1998 high). For now, break of 130.38 support is needed to be the first indication of medium term topping. Otherwise, outlook will stay bullish even in case of deep pull back.
