Daily Pivots: (S1) 112.22; (P) 112.49; (R1) 113.04; More…

USD/JPY’s rally continues today and reaches as high as 112.88 so far. Intraday bias remains on the upside for 115.49 resistance. Break of 115.49 will resume larger rally from 98.97 to 125.85 high. On the downside, below 111.95 minor support will turn bias neutral and bring consolidations. Focus will then turn to 4 hour 55 EMA (now at 111.38). Strong support from there would be in line with our view that corrective fall from 118.65 has completed with three waves down to 108.12 already

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.

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