Daily Pivots: (S1) 145.56; (P) 145.73; (R1) 146.03; More…
USD/JPY’s rally continues today and accelerates to as high as 146.81 so far. Intraday bias remains on the upside for 147.68 long term resistance. On the downside, break of 145.789 resistance turned support will turn intraday bias neutral and bring consolidations again. But overall, outlook will remain bullish as long as 140.33 support holds, even in case of deep pullback.
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), and possibly to 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, 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.
