USD/JPY Daily Analysis
Intraday bias in USD/JPY is back on the upside as rising from 130.38 resumes and picks up some momentum. The focus is now on 139.37 resistance. A sustained break there will confirm uptrend resumption. The next target is a 100% projection of 126.35 to 139.37 from 130.38 to 143.40. However, the break of 137.70 resistance turned support will suggest rejection from 139.37, and turn bias to the downside to extending the corrective pattern from there with another falling leg.
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.
