The USD/JPY uptrend resumed last week and there is no sign of a top forming. Initial bias remains on the upside this week for expectations of 138.2% from 152.25 to 160.71 from 155.01 at 166.07. On the downside, minor support at 163.02 will shift the intraday bias to neutral first. But expectations will remain bullish as long as the support remains at 160.46 in case of a pullback.
In the bigger picture, the rise from 139.87 (2025 low) is another upside point in the long-term uptrend. The next target is a 61.8% forecast of 139.87 to 159.44 from 152.25 at 164.34. A strong breakout there would target the 100% forecast at 171.82. For now, the outlook will remain bullish as long as the resistance at 159.44 turns into support points, even in the event of a deep pullback.
In the longer term picture, the uptrend from 75.56 (2011 low) is still in progress. The next target is a forecast of 61.8% from 102.58 (2020 low) to 161.94 (2024 high) from 139.87 to 176.55 in the medium term. The long-term outlook will remain bullish as long as the support at 139.87 holds, even in the event of a deep pullback.
