USD/JPY - 135.50.. Dlr swung wildly in hectic trading on Mon. Although the pair fell at Tokyo open to 134.53 on yen-buying, price erased intra-day losses n ratcheted higher in tandem with US yields to 135.54 in NY b4 falling to 135.02.

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 136.71 would yield gain to proj. obj. at 137.41, 'bearish divergences' on daily indica- tors would cap price below 140.00. Below 134.49 may risk retracement twd 131.50.

Today, although dlr's sharp fall fm Wed's 24-year peak at 136.71 to 134. 27 (Thur) confirms recent uptrend has made a temp. top, subsequent rise to 135. 54 signals 1st leg of correction over n gain twd 135.78 (61.8% r) is likely b4 retreat. Below 134.95/00 signals recovery over, yields 134.53, then 134.27.

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