Daily Pivots: (S1) 111.68; (P) 111.88; (R1) 112.22; More…

Intraday bias in USD/JPY remains on the upside with focus on 112.13 key resistance. Decisive break there will resume whole rise from 104.69 for 100 % projection of 109.71 to 111.82 and 110.84 at 112.95 first. On the downside, below 111.69 minor support will turn intraday bias neutral. But, break of 110.84 is needed to confirm completion of rise form 109.71. Otherwise, further rally will remain in favor in case of retreat.

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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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