USD/JPY Daily Analysis
USD/JPY is still extending the consolidation from 136.70 and intraday bias remains neutral. Another dip cannot be ruled out, but the downside should be contained above 131.48 support to bring a rebound. On the upside, a break of 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81 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.