Daily Pivots: (S1) 86.88; (P) 87.11; (R1) 87.47; More..
USD/JPY jumps to as high as 88.40 so far today and breaks mentioned target of 161.8% projection of 79.20 to 82.83 from 82.11 at 87.98. Intraday bias remains on the upside and current rally should now target 90 psychological level next. On the downside, below 86.76 minor support will indicate short term topping and bring consolidation before staging another rally.
In the bigger picture, the break of 85.51 resistance serves as an indication of long term trend reversal. That is whole decline from 124.13 could have already completed at 75.56. Next focus is 55 months EMA (now at 87.56). Sustained trading above there will confirm this bullish case and should bring stronger medium term rally back towards 101.22 key support turned resistance level. In any case, we'll now stay bullish as long as 82.11 support holds.
IMOH, Clement I
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