USD/JPY’s up pattern resumed final week and accelerated to as excessive as 158.43. Preliminary bias keep on the upside this week. Subsequent goal is 138.2% projection of 140.25 to 150.87 from 146.47 at 161.14. On the draw back, beneath 156.81 minor help will flip intraday bias impartial and produce consolidations first.
Within the larger image, present rise from 140.25 is seen because the third leg of the up pattern from 127.20 (2023 low). Subsequent goal is 100% projection of 127.20 to 151.89 from 140.25 at 164.94. Outlook will stay bullish so long as 150.87 resistance turned help holds, even in case of deep pullback.
In the long run image, so long as 140.25 help holds, up pattern from 75.56 (2011 low) remains to be in progress. Subsequent goal is 138.2% projection of 75.56 (2011 low) to 125.85 (2015 excessive) from 102.58 at 172.08.
