Daily Pivots: (S1) 107.29; (P) 107.43; (R1) 107.68; More…

USD/JPY’s rebound from 104.45 is still in progress. Intraday bias remains on the upside for 109.31 key resistance next. We’d continue to look for topping sign as it approaches this 109.31 resistance. On the downside, break of 106.62 minor support will turn bias back to the downside for retesting 104.45 low instead.

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In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51. For now, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound. In any case, break of 109.31 resistance is needed to be the first sign of medium term bottoming. Otherwise, further decline will remain in favor in case of rebound.

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