USD/JPY’s rally from 140.25 resumed by breaking by means of 148.79 final week. Preliminary bias stays on the upside for retesting 151.89/93 key resistance zone. Decisive break there’ll verify resumption of bigger up pattern. For now, draw back, outlook will stay cautiously bullish so long as 145.88 assist holds, in case of retreat.
Within the greater image, fall from 151.89 is seen as a correction to the rally from 127.20, which could have accomplished at 140.25 already. Agency break of 151.89/93 resistance zone will verify up pattern resumption, and subsequent goal will likely be 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. This can now stay the favored case so long as 140.25 assist holds.
In the long run image, so long as 125.85 resistance turned assist holds (2015 excessive), up pattern from 75.56 (2011 low) remains to be in favor to proceed by means of 151.93 (2022 excessive) at a later stage.
