Daily Pivots: (S1) 106.36; (P) 106.55; (R1) 106.89; More...
USD/JPY’s recovery from 105.98 extends higher today and focus is back on 107.49 resistance. Break there will suggest short term bottoming. Corrective decline from 111.71 might have completed too. Intraday bias will be turned back to the upside for 109.38 resistance first. On the downside, break of 105.98 will extend the fall from 111.71 to 100% projection of 111.71 to 106.91 from 109.38 at 104.58.
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.
