Daily Pivots: (S1) 111.31; (P) 111.75; (R1) 112.02; More..
USD/JPY’s pull back from 112.22 extends accelerates lower today but it’s staying above 110.28 support. Intraday bias remains neutral and another rise is still mildly in favor. Firm break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next. However, sustained break of 110.28 will bring deeper fall to 108.30 support next.
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). This will remain the favored case as long as 108.30 support holds.
