Daily Pivots: (S1) 107.08; (P) 107.29; (R1) 107.51; More..
USD/JPY’s rise from 105.98 short term bottom resumes by taking out 107.76 resistance. Intraday bias is turned back to the upside for 109.38 resistance. As noted before, corrective fall from 111.71 should have already completed at 105.98. Break of 109.38 will target 111.71 high. However, break of 106.74 minor support will dampen the bullish view and turn bias back to the downside.
In the bigger picture, at this point, whole decline from 118.65 (Dec 2016) continues to display a corrective look, with well channeling. There is no clear sign of completion yet. Break of 101.18 will target 98.97 (2016 low). Meanwhile, sustained break of 112.22 should confirm completion of the decline and turn outlook bullish for 118.65 and above.
