Daily Pivots: (S1) 146.58; (P) 147.12; (R1) 147.78; More…
USD/JPY’s rally continues and breaks 147.68 long term resistance. Intraday bias stays on the upside for 149.25 projection level, and possibly to 150 psychological level. On the downside, break of 146.43 minor support will now suggest short term topping, and turn bias back to the downside for deeper pull back.
In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). Further rise should be seen to 147.68 (1998 high), and possibly to 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, For now, break of 130.38 support is needed to be the first indication of medium term topping. Otherwise, outlook will stay bullish even in case of deep pull back.
