Daily Pivots: (S1) 127.39; (P) 127.99; (R1) 129.03; More…
Intraday bias in USD/JPY remains on the upside for the moment. Next near term target is 61.8% projection of 121.27 to 129.39 from 126.91 at 131.92. Firm break there will pave the way to 100% projection at 135.03. On the downside, break of 126.91 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, current rally is seen as part of the long term up trend form 75.56 (2011 low). Sustained trading above 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04 will pave the way to 100% project at 149.26, which is close to 147.68 (1998 high). For now, this will remain the favored case as long as 121.27 support holds.
