USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 135.71; (P) 136.21; (R1) 136.74; More…

Intraday bias in USD/JPY remains neutral at this point. Some consolidations could be seen below 136.70. But downside should be contained above 131.48 support to bring rebound. On the upside, break of 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81 will target 100% projection at 143.29.

In the bigger picture, current rally is seen as part of the long term up trend from 75.56 (2011 low). Next target is 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, which is close to 147.68 (1998 high). This will remain the favored case as long as 126.35 support holds.

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