Daily Pivots: (S1) 111.23; (P) 111.34; (R1) 111.44; More…
USD/JPY’s rise from 109.71 is still in progress. Intraday bias remains on the upside for 112.13 resistance. Decisive break there will resume whole rise from 104.69 to 114.54 key resistance next. On the downside, below 110.71 minor support will turn bias back to the downside for 110.80 and possibly further to 38.2% retracement of 104.69 to 112.13 at 109.28.
In the bigger picture, while the rebound from 104.69 was strong, USD/JPY failed to sustain above 55 week EMA (now at 110.80), and was kept well below 114.54 resistance. Medium term outlook is turned mixed and we’ll wait for the structure of the fall from 112.13 to unveil to make an assessment later. For now, more range trading is expected between 104.69 and 112.13 first.
