Daily Pivots: (S1) 108.79; (P) 109.14; (R1) 109.63; More…

With 108.64 minor support intact, intraday bias in USD/JPY remains on the upside. Sustained trading above 109.31 structural resistance will add to the case of medium term reversal. Next near term target is 100% projection of 104.45 to 108.47 from 106.48 at 110.50 next. On the downside, below 108.64 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 107.88 support holds.

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In the bigger picture, strong support was seen from 104.62 again. Break of 109.31 should confirm completion of fall fro m112.40 and bring retest of this key resistance. Decisive break there should confirm completion of whole corrective decline from 118.65 (Dec 2016 high). However, rejection from 112.40 will keep medium term outlook bearish for at least another test on 104.45.

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