Daily Pivots: (S1) 111.14; (P) 111.42; (R1) 111.95; More…
Intraday bias in USD/JPY remains on the upside for 112.13 resistance. Decisive break there will resume larger rise from 104.69. Next target will be 114.54 key resistance. On the downside, break of 110.84 is needed to indicate completion of rise from 109.71. Otherwise, further rise remains in favor even in case of retreat.
In the bigger picture, medium term outlook in USD/JPY remains a bit mixed as it’s staying inside falling channel from 118.65, but there are signs of bullish reversal. On the upside, break of 114.54 resistance will revive the case the corrective fall from 118.65 has completed with three waves down to 104.69. And whole rise from 98.97 (2016 low) is resuming for 118.65 and above. But before that, outlook stays neutral first.
