Daily Pivots: (S1) 124.86; (P) 125.31; (R1) 125.85; More…
Intraday bias in USD/JPY remains neutral for the moment. On the downside, break of 124.66 minor support will bring deeper pull back to 4 hour 55 EMA (now at 123.97) and possibly below. But downside should be contained above 121.27 support to bring another rally. On the upside, sustained break of 125.85 will pave the way to 130.04 long term projection level next.
In the bigger picture, up trend from 98.97 (2016 low) is in progress for retesting 125.85 (2015 high). Sustained break there will confirm long term up trend resumption. Next target will be 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04. This will now remain the favored case as long as 116.34 resistance turned support holds.
