Daily Pivots: (S1) 113.56; (P) 114.05; (R1) 114.51; More…
Intraday bias in USD/JPY remains neutral first. On the upside, break of 114.96 will resume larger up trend from 102.58. Intraday bias will be turned to the upside for 100% projection of 102.58 to 111.65 from 109.11 at 118.18 next. On the downside, below 113.57 minor support will bring another fall to 112.71 support instead.
In the bigger picture, corrective decline from 118.65 (2016 high) should have completed at 101.18 already. Rise from the 102.58 is seen as the third leg of the up trend from 101.18. Next target is 118.65 high. This will now be the preferred case as long as 111.65 resistance turned support holds, even in case of deep pull back.
