Daily Pivots: (S1) 115.91; (P) 116.05; (R1) 116.29; More…
USD/JPY’s break of 116.34 resistance confirms up trend resumption. Intraday bias is back on the upside. Current rally should now target next long term resistance at 118.65. On the downside, below 115.80 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 114.40 support holds, in case of retreat.
In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 120.85 (2015 high) and raise the chance of long term up trend resumption. This will remain the favored case as long as 55 week EMA (now at 111.75) holds.
