Daily Pivots: (S1) 105.57; (P) 107.25; (R1) 109.31; More..
Intraday bias in USD/JPY stays neutral for now as more consolidation would be seen. But upside should be limited by 109.36 minor resistance to bring fall resumption. On the downside, below 106.74 minor support will turn bias to the downside for 104.62 low. Decisive break of 104.62 low will extend larger down trend and target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level.
In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Fall from 114.54 is seen as another medium term down leg, targeting 98.97/104.62 support zone. For now, we’d expect strong support from there to contain downside to bring rebound.
