USD/JPY Daily Outlook

Daily Pivots: (S1) 107.31; (P) 107.70; (R1) 108.10; More..

Intraday bias in USD/JPY remains on the upside at this point. Corrective fall from 111.71 should have already completed at 105.98. Rise from there should target 109.38 resistance first. Break will target 111.71 high. However, break of 106.74 minor support will dampen the bullish view and turn bias back to the downside.

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.

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