Daily Pivots: (S1) 107.46; (P) 107.66; (R1) 107.79; More..

Intraday bias in USD/JPY remains neutral at this point. Further rise is expected with 106.74 minor support intact. We’re holding on to the view that corrective fall from 111.71 has completed at 105.98. Above 108.08 will target 109.38 resistance next. However, break of 106.74 minor support will dampen the bullish view and turn bias back to the downside.

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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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