Daily Pivots: (S1) 109.69; (P) 109.83; (R1) 109.92; More..
USD/JPY’s rise from 108.30 resumed after brief consolidations. Intraday bias is back on the upside for 110.28 resistance first. Break will resume larger rebound from 104.45 and target medium term falling channel resistance at 111.19. For now, further rise will remain in favor as long as 109.53 support holds, in case of retreat.
In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise from 104.45 is seen as a correction and the down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.
