Daily Pivots: (S1) 111.47; (P) 111.80; (R1) 112.27; More…
USD/JPY’s rebound from 110.83 is still in progress. But it’s staying well below w112.71 resistance and intraday bias stays neutral first. As as long 112.61 holds, fall from 114.73 could extend lower to 61.8% retracement of 107.31 to 114.73 at 110.14. We’re still favoring the case medium term corrective pattern from 118.65 has completed at 107.31 already. Hence, we’ll looking for bottoming below 110.14 to bring another rise. On the upside, break of 112.71 will suggest that the fall from 114.73 is completed and turn bias to the upside for retesting this resistance.
In the bigger picture, as long as 107.31 support holds, medium term rise from 98.97 (2016 low) is not completed yet. And another rise is in favor. Break of 114.73 resistance will target a test on 118.65 high first. However, break of 107.31 will dampen this will and extend the medium term fall back to 98.97 low.
