Daily Pivots: (S1) 108.79; (P) 109.00; (R1) 109.37; More..
USD/JPY rises to as high as 109.69 so far and broke 109.38 resistance. Intraday bias remains on the upside for a test on 111.71 resistance next. On the downside, below 108.61 minor support will turn intraday bias neutral and bring consolidations first.
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.
