Daily Pivots: (S1) 111.40; (P) 111.82; (R1) 112.52; More..
Intraday bias in USD/JPY remains on the upside for 112.40 resistance. Decisive break there will affirm medium term bullishness and target 114.54 key resistance next. On the downside, below 111.11 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 110.28 resistance turned support holds.
In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).
