USD/JPY Daily Analysis
Intraday bias in USD/JPY is turned neutral with the current retreat, but a further rally is expected as long as 134.25 support holds. On the upside, a sustained trading above of 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81 will extend a larger up trend to 100% projection at 143.29. However, the break of 134.25 will turn bias back to the downside for 131.48 support instead.
In the bigger picture, the 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.