Daily Pivots: (S1) 108.57; (P) 108.77; (R1) 109.13; More..
Intraday bias in USD/JPY is turned neutral as a temporary top is formed at 109.16, ahead of 109.38 resistance. Some consolidations could be seen but further rally will remain in favor as long as 107.08 support holds. On the upside, break of 109.38 will target a test on 111.71 high.
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.
