USD/JPY’s correction from 131.34 continued final week and total outlook is unchanged. Deeper decline might be seen this week, however draw back must be contained by 125.09 cluster help (38.2% retracement of 114.40 to 131.34 at 124.86) to carry rebound. On the upside, break of 129.77 minor resistance will counsel that the correction is completed and convey retest of 131.34.
Within the greater image, present rally is seen as a part of the long run up development type 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 development from 75.56 (2011 low) long run backside to 125.85 (2015 excessive) has simply resumed. First goal at 61.8% projection of 75.56 to 125.85 from 98.97 at 130.04 was already met. Subsequent is 100% projection at 149.26, which is near 147.68 (1998 excessive).