USD/JPY rebounded strongly final week and preliminary bias stays on the upside this week. Decisive break of 131.34 resistance will affirm bigger up pattern resumption. Subsequent goal is 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81. On the draw back, under 129.50 minor assist will delay the bullish case and switch intraday bias impartial first.
Within the larger image, present rally is seen as a part of the long run up pattern 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 may stay the favored case so long as 126.35 assist 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 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).