Daily Pivots: (S1) 0.9951; (P) 0.9981; (R1) 0.0030; More…
USD/JPY’s rally resumed with break of 0.9964 resistance. Intraday bias is back on the upside for 1.0063 high first. Decisive break there will resume larger up trend. On the downside, break of 0.9779 support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat.
In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.
