Daily Pivots: (S1) 111.49; (P) 111.70; (R1) 111.84; More…
Intraday bias in USD/JPY stays neutral for the moment. Deeper decline remains mildly in favor as a short term top was formed at 112.40 already. On the downside, break of 110.84 support add to the case of reversal and target 109.71 support and below. However, decisive break of 112.40 will confirm rise resumption for 114.54 resistance.
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.
