Daily Pivots: (S1) 108.53; (P) 108.79; (R1) 109.11; More…
Further fall is expected in USD/JPY to 107.47 support, as long as 109.68 resistance holds. Break of 107.47 will resume whole decline from 110.95 for 100% projection of 110.95 to 107.47 from 109.68 at 106.20 next.
In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. We’d monitor the structure of the fall from 110.95, to assess whether it’s just correction to rise from 102.58 to 110.95, or a leg of a range pattern between 101.18 and 111.71, or starting another leg of the long term down trend.
