USD/JPY Daily Analysis
Intraday bias in USD/JPY is turned neutral for consolidations. Outlook stays bullish as long as 126.91 support holds. Above 131.24 will target a 61.8% projection of 121.27 to 129.39 from 126.91 at 131.92. A firm break there will pave the way to 100% projection at 135.03.
In the bigger picture, the current rally is seen as part of the long-term up trend 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% project 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.
