Daily Pivots: (S1) 112.48; (P) 112.81; (R1) 113.42; More…
Intraday bias in USD/JPY remains on the upside for 114.73 key near term resistance. Decisive break there pave the way to retest 118.65 high. On the downside, break of 111.98 support is needed to indicate near term reversal. Otherwise, outlook will be mildly bullish in case of retreat.
In the bigger picture, we’re holding on to the view that correction from 118.65 is completed a 107.31. And medium term rise from 98.97 (2016 low) is resuming. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this will and extend the medium term fall back to 98.97 low.
