USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 109.17; (P) 109.40; (R1) 109.59; More…

USD/JPY stays soft today but it’s held above 109.02 support. Intraday bias remains neutral at this point. Consolidation from 109.02 could still extend further. In case of another rise upside should be limited below 110.67 resistance to bring fall resumption eventually. On the downside, break of 109.02 will resume the fall from 112.40 and target 61.8% retracement of 104.69 to 112.40 at 107.63 next.

In the bigger picture, USD/JPY is staying inside falling channel from 118.65. Current 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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