Daily Pivots: (S1) 108.29; (P) 108.54; (R1) 108.99; More…
Intraday bias in USD/JPY remains mildly on the upside at this point. The support from 55 day EMA revived some near term bullishness. Further rise would be seen to 109.95 resistance first. Break there will bring retest of 110.95 high. On the downside, break of 108.19 minor support will turn bias back to the downside for 107.47 support, and then 61.8% retracement of 102.58 to 110.95 at 105.77.
In the bigger picture, rise from 102.58 might have completed at 110.95, as the third leg of the pattern from 101.18 low. Medium term outlook is neutral first, as the pair could have turned into sideway trading between 101.18/111.71. We’d look at the structure and momentum of the fall from 110.95 to gauge the chance of upside breakout at a later stage.
