Daily Pivots: (S1) 120.69; (P) 121.06; (R1) 121.51; More…
USD/JPY’s rally continues today and hit target of 100% projection of 109.11 to 116.34 from 114.40 at 121.63. There no sign of topping yet. Intraday bias stays on the upside for the moment. Sustained trading above 121.63 will pave the way to 125.85 long term resistance. On the downside, below 120.58 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, the break of 118.65 resistance (2016 high) suggest that up trend from 98.97 (2016 low) is resuming, with rise from 101.18 (2020 low) as the third leg. Medium term outlook will remain bullish as long as 113.46 low. Next target is 125.85 (2015 high).
