USD/JPY - 136.27.. Although dlr moved narrowly in Asia y'day, price caught a bid in Europea n penetrated prev. week's 24-year high of 135.59 on active cross selling in yen on rise in global stocks, price later hit 136.70 at NY close.

On the bigger picture, dlr's spectacular rally fm 2011 historic low at 75. 32 (Mar) due to co-ordinated CCY intervention by G7 central banks to weaken the yen in the aftermath of Japan's earthquake and tsunami of Mar 2011 to as high as 125.86 (2015) confirms major low has been made. Although the pair fell back to 99 .00 in mid-2016 n swung broadly sideways until 2021, price rallied in tandem with U.S. yields n U.S. stocks on risk sentiment to a 20-year peak of 131.34 in May 20 22 confirms LT uptrend has resumed. Last week's gain to a 24-year peak of 135.59 would yield gain to proj. obj. at 137.41, 'bearish divergences' on daily indica- tors would cap price below 140.00. Below 134.55 risks retracement twd 131.50.

Today, dlr's intra-day retreat fm Australian 136.71 high would bring ini- tial choppy trading b4 prospect of resumption of uptrend twd projected target at 137.41 later this week, 'bearish divergences' on hourly indicators would prevent strg gain. Only daily close below 135.90 risks stronger retracement twd 135.59.

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