USD/JPY Daily Analysis
Intraday bias in USD/JPY stays neutral at this point. On the upside, the decisive break of 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81 will extend a larger up trend. The next target is a 100% projection at 143.29. On the downside, below 134.25 will extend the correction from 136.70 with another fall.
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.
