Daily Pivots: (S1) 106.59; (P) 106.78; (R1) 106.87; More..
USD/JPY’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rally from 102.58 should target 61.8% retracement of 111.71 to 102.58 at 108.22. On the downside, below 106.66 minor support will turn intraday bias neutral again. But still, outlook will stay bullish as long as 104.91 support holds, in case of another pull back.
In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016), and there is no clear indication of trend reversal yet. Though, sustained trading above 55 week EMA (now at 105.90) will be the first sign of reversal and turn focus to channel resistance (now at 110.02).
