USD/JPY Daily Analysis
Intraday bias in USD/JPY remains mildly on the downside at this point. Correction from 131.34 short-term top would extend lower to 125.09 cluster support (38.2% retracement of 114.40 to 131.34 at 124.86), as a correction to rise from 114.40. For now, risk will stay mildly on the downside as long as 131.34 resistance holds, in case of recovery.
In the bigger picture, the current rally is seen as part of the long-term uptrend from 75.56 (2011 low). Sustained trading above 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04 will pave the way to 100% projection at 149.26, which is close to 147.68 (1998 high). For now, this will remain the favored case as long as 121.27 support holds.
