Daily Pivots: (S1) 100.88; (P) 102.74; (R1) 104.29; More..
A temporary low is in place at 101.18 in USD/JPY with today’s recovery. Intraday bias is turned neutral for consolidations first. Upside should be limited by 38.2% retracement of 112.22 to 101.18 at 105.39. On the downside, break of 101.18 will resume larger down rend to next key support level at 98.97. Though, firm break of 105.39 will bring stronger rebound to 61.8% retracement at 108.00.
In the bigger picture, fall from 118.65 (Dec 2016) is still in progress. It’s seen as part of a larger consolidative pattern from 125.85 (2015 high). Such decline could could extend through 98.97 (2016 low). For now, risk will remain on the downside as long as 112.22 resistance holds, even in case of rebound.
