Daily Pivots: (S1) 136.39; (P) 136.96; (R1) 137.44; More…
USD/JPY rises in early US session but stays below 137.73 temporary top. Intraday bias remains neutral first. In case of another retreat, downside should be contained by 134.73 support to bring rebound. Firm break of 137.74 will resume larger up trend to 100% projection of 114.40 to 131.34 from 126.35 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.
