Daily Pivots: (S1) 106.85; (P) 107.31; (R1) 108.09; More...
Intraday bias in USD/JPY remains mildly on the upside at this point. Corrective fall from 111.71 could have completed with three waves down to 105.98 already. Further rise would be seen to 109.38 resistance first. Break there will target a retest on 111.71. For now, risk will stay on the upside as long as 105.98 support holds, in case of retreat.
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.
