Daily Pivots: (S1) 106.55; (P) 107.02; (R1) 107.64; More...
Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 108.04 resistance will indicate short term bottoming. Also, fall from 111.71 is merely a correction that has completed at 106.35. Intraday bias will be turned to the upside for 109.38 resistance first. On the downside, though, break of 106.35 will target 100% projection projection of 111.71 to 106.91 from 109.38 at 104.58 instead.
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.
