Daily Pivots: (S1) 108.91; (P) 109.14; (R1) 109.35; More..
Intraday bias in USD/JPY remains mildly on the upside at this point. Current rally from 102.58 should target long term channel resistance at 110.02 next. Decisive break there will carry larger implications. On the downside, though, break of 108.33 support will now indicate short term topping, and bring deeper correction.
In the bigger picture, focus is now back on long term channel resistance (now at 110.02). Sustained break there will indicate that the down trend from 118.65 (Dec 2016) has completed. Further break of 112.22 resistance will confirm this bullish case and target 118.65 next. However, rejection by the channel resistance will keep medium term outlook bearish.
