Daily Pivots: (S1) 108.91; (P) 109.13; (R1) 109.54; More…
USD/JPY’s rebound from 107.47 continues today and hits as high as 109.58 so far. Intraday bias stays on the upside for 109.95 resistance first. Break there will pave the way to retest 110.95 high. On the downside, though, break of 108.70 minor support will turn bias back to the downside for 107.47 support again, to extend the pattern from 110.95.
In the bigger picture, rise from 102.58 might have completed at 110.95. But strong support from 55 day EMA retains near term bullishness for the pair. Break of 110.95 resistance will carry larger bullish implications and target 112.22 resistance next. Though, break of 107.47 support will shift favor to the case of long term sideway trading between 101.18/111.71.
