Daily Pivots: (S1) 115.08; (P) 115.22; (R1) 115.50; More…
USD/JPY rises to as high as 115.80 so far today and the strong break of 115.51 resistance confirms resumption of whole up trend from 102.58. Intraday bias stays on the upside for 61.8% projection of 109.11 to 115.51 from 112.52 at 116.47. Firm break there will target 100% projection at 118.90, which is close to 118.65 long term resistance. On the downside, break of 114.93 will turn intraday bias neutral and bring some consolidations, before staging another rally.
In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 112.85 (2015 high) and raise the chance of long term up trend resumption. For now, this will remain the favored case as long as 112.52 support holds, in case of deep pull back.
