Daily Pivots: (S1) 123.74; (P) 124.21; (R1) 124.75; More…
USD/JPY’s break of 125.09 resistance confirms resumption of larger up trend from 102.58. Intraday bias is now on the upside. Decisive break of 125.86 long term resistance will pave the way to 130.04 long term projection level next. On the downside, below 123.44 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 121.27 support holds.
In the bigger picture, up trend from 98.97 (2016 low) is in progress for retesting 125.85 (2015 high). Sustained break there will confirm long term up trend resumption. Next target will be 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04. This will now remain the favored case as long as 116.34 resistance turned support holds.
