USD/JPY rose additional to 149.70 final week earlier than retreating mildly since then. Preliminary bias stays impartial this week for extra consolidations. Whereas deeper pull again can’t be dominated out, close to time period outlook will keep bullish so long as 147.31 assist holds. On the upside, above 149.70 will resume bigger rally to retest 151.93 excessive.
Within the larger image, whereas rise from 127.20 is powerful, it might nonetheless be seen because the second leg of the corrective sample from 151.93 (2022 excessive). Rejection by 151.93, adopted by break of 145.06 resistance turned assist would be the first signal that the third leg of the sample has began. Nonetheless, sustained break of 151.93 will verify resumption of long run up pattern.
In the long run image, worth motion from 151.93 is seen as growing right into a corrective sample to up pattern from 75.56 (2011 low). One other falling leg might be seen, however in that case, draw back must be contained by 38.2% retracement of 75.56 to 151.93 at 122.75. On resumption, subsequent goal can be 61.8% projection of 102.58 to 151.93 from 127.20 at 157.69.
