Daily Pivots: (S1) 107.88; (P) 108.32; (R1) 109.13; More..
No change in USD/JPY’s outlook and intraday bias remains on the upside for 109.38 resistance first. Break there will target a test on 111.71 high. On the downside, though, break of 107.08 support would argue that corrective pattern from 111.71 is still extending. Intraday bias will be turned back to the downside for 105.98 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.
