Daily Pivots: (S1) 136.34; (P) 137.05; (R1) 138.12; More…
Intraday bias in USD/JPY remains on the upside and outlook is unchanged. Current up trend should target 100% projection of 114.40 to 131.34 from 126.35 at 143.29. For now, outlook will remain bullish as long as 134.73 support holds, in case of retreat.
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.
