Daily Pivots: (S1) 111.13; (P) 111.42; (R1) 111.79; More….
Intraday bias in USD/JPY remains neutral with focus on 111.58 support turned resistance. We’re favoring the case that corrective fall from 118.65 has completed with three waves down to 108.12. Sustained break of 111.58 will confirm this bullish view and target 115.49 resistance and above. However, break of 109.58 will argue that fall from 118.65 is still in progress and will turn bias to the downside for 108.12 and below.
In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. It’s uncertain whether it’s completed yet. But in case of another fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. Meanwhile, break of 115.49 resistance will extend the rise from 98.97 to retest 125.85. Overall, rise from 75.56 is still expected to resume later after the correction from 125.85 completes.
