Daily Pivots: (S1) 108.48; (P) 109.11; (R1) 109.52; More..
USD/JPY is now in consolidation above 104.69 spike low and intraday bias is turned neutral first. More consolidation would be seen but outlook will stay bearish as long as 109.36 minor resistance holds. On the downside, decisive break of 104.62 low will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level.
In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Fall from 114.54 is seen as another medium term down leg, targeting 98.97/104.62 support zone. For now, we’d expect strong support from there to contain downside to bring rebound.
