USD/JPY continues to rally nicely and it's just a matter of time before resistance at 134.52 is tested. We will likely see USD/JPY break slightly above just to be rejected, which will set the stage for a temporary correction towards support in the 132.01 - 132.60 area before the next real attempt to break clearly above resistance at 134.52. This time, we should expect USD/JPY to be successful and move higher towards the ideal target for wave B at 141.25.
Short-term support is seen at 132.95 which should act as a floor for the test of 134.52.
