USD/JPY’s rally is still in progress and there is not sign of topping. Intraday bias remains on the upside. Next target is 138.2% projection of 152.25 to 160.71 from 155.01 at 166.07. On the downside, below 163.02 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 160.46 support holds, in case of retreat.
In the bigger picture, rise from 139.87 (2025 low) is seen as another rising leg of the long term up trend. Next target is 61.8% projection of 139.87 to 159.44 from 152.25 at 164.34. Firm break break there will target 100% projection at 171.82. For now, outlook will remain bullish as long as 159.44 resistance turned support holds, even in case of deep pullback.
