USD/JPY Daily Analysis
No change in USD/JPY’s outlook as consolidation continues below 145.89. Intraday bias remains neutral for the moment. Further rally is expected as long as 139.37 resistance turned support holds. A break of 145.89 will target 147.68 long-term resistance. On the downside, however, a decisive break of 139.37 will confirm a short-term topping. A deeper decline would be seen back towards 130.38 support.
In the bigger picture, the up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). The further rise should be seen to 147.68 (1998 high). For now, the break of 130.38 support is needed to be the first indication of medium-term topping. Otherwise, the outlook will stay bullish even in case of a deep pullback.
