Daily Pivots: (S1) 107.25; (P) 108.49; (R1) 109.21; More...
Focus remains on 106.75 support in USD/JPY as fall from 111.71 is extending. Decisive break there should confirm completion of rebound from 101.18, after failing 112.22 key resistance. Intraday bias will be turned back to the downside for retesting 101.18 low. On the upside, though, decisive break of 112.22 carry larger bullish implication and target 114.54 resistance next.
In the bigger picture, at this point, whole decline from 118.65 (Dec 2016) continues to display a corrective look, with well channeling. There is no clear sign of completion yet. Break of 101.18 will target 98.97 (2016 low). Meanwhile, sustained break of 112.22 should confirm completion of the decline and turn outlook bullish for 118.65 and above.
