Daily Pivots: (S1) 110.55; (P) 110.82; (R1) 111.02; More…
USD/JPY’s rally resumed after very brief consolidation and reaches as high as 111.37 so far. Intraday bias is back on the upside for trend line resistance at 112.33. Firm break there will target 114.73 resistance next. On the downside, below 110.60 minor support will turn bias neutral again and bring consolidations. But strong support should be seen from 109.14/110.02 support zone to bring rally resumption.
In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.65) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.
