USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 134.62; (P) 135.03; (R1) 135.52; More…

USD/JPY’s up trend resumes by breaking through 135.58 today. Intraday bias is back on the upside for 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81. Firm break there will target 100% projection at 143.29. On the downside, below 134.52 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 131.48 support holds.

In the bigger picture, 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.

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