USD/JPY is extending the consolidation from 129.39 and intraday bias remains neutral. A deeper retreat cannot be ruled out, but the downside should be contained above 125.09 resistance turned support to bring another rally. On the upside, above 129.39 will target the 130.04 long-term projection level next.
In the bigger picture, the break of 125.85 resistance (2015 high) suggests that the whole uptrend from 75.56 (2011 low) is resuming. The further rise should be seen to 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04. Sustained break there wave the way to 147.68 (1998 high). For now, this will remain the favored case as long as 121.27 support holds.
