USD/JPY Daily Analysis
USD/JPY continues to lose upside momentum as seen in 4-hour MACD. But the further rally is expected as long as 131.34 resistance turned support holds. The current up trend should target a 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81. A firm break there will target a 100% projection at 143.29.
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.