Daily Pivots: (S1) 110.14; (P) 110.91; (R1) 111.49; More..
USD/JPY drops sharply to as low as 110.33 but recovered ahead of 110.28 resistance turned 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 would raise the chance that whole rise from 104.45 has completed. Deeper fall would be seen back to 108.30 support first.
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.
