Daily Pivots: (S1) 111.27; (P) 111.42; (R1) 111.65; More…

USD/JPY’s rise from 109.71 is still in progress. Intraday bias stays on the upside for 112.13 resistance. Decisive break of 112.13 resistance will resume whole rise from 104.69 to 114.54 key resistance next. On the downside, however, break of 111.18 minor support will argue that rebound from 109.71 might be completed. Intraday bias will be turned back to the downside for 109.71, and possibly further to 38.2% retracement of 104.69 to 112.13 at 109.28.

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In the bigger picture, medium term outlook in USD/JPY remains a bit mixed as it’s staying inside falling channel from 118.65, but there are signs of bullish reversal. On the upside, break of 114.54 resistance will revive the case the corrective fall from 118.65 has completed with three waves down to 104.69. And whole rise from 98.97 (2016 low) is resuming for 118.65 and above. But before that, outlook stays neutral first.

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