USD/JPY’s up pattern continued final week as hit 131.24. As a brief high was fashioned, preliminary bias is impartial this week for consolidation. Outlook will stay bullish so long as 126.91 help holds. Break of 131.24 will resume the up pattern to 261.8% projection of 109.11 to 116.34 from 114.40 at 133.26. Nevertheless, contemplating bearish divergence situation in 4 hour MACD, break of 126.91 will verify quick time period topping and switch bias again to the draw back for a correction.
Within the larger image, present rally is seen as a part of the long run up pattern kind 75.56 (2011 low). Sustained buying and selling above 61.8% projection of 75.56 (2011 low) to 125.85 (2015 excessive) from 98.97 at 130.04 will pave the way in which to 100% projection at 149.26, which is near 147.68 (1998 excessive). For now, this can stay the favored case so long as 121.27 help holds.
In the long run image, the up pattern from 75.56 (2011 low) long run backside to 125.85 (2015 excessive) has simply resumed. First goal is 61.8% projection of 75.56 to 125.85 from 98.97 at 130.04. Subsequent is 100% projection at 149.26, which is near 147.68 (1998 excessive).