Daily Pivots: (S1) 109.81; (P) 110.06; (R1) 110.32; More…

Intraday bias in USD/JPY remains neutral as consolidation from 109.02 temporary low is extending. Upside should be limited by 55 day EMA (now at 110.83) to bring another fall. On the downside, break of 109.02 will extend the decline from 112.40 to retest 104.69 low.

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In the bigger picture, USD/JPY is staying inside falling channel from 118.65. Currently development suggests that rebound from 104.69 is only a corrective move. And fall from 118.65 is not completed yet. Decisive break of 104.69 will extend the down trend towards 98.97 support (2016 low). For now, we’d expect strong support above there to bring rebound.

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