Daily Pivots: (S1) 108.91; (P) 109.17; (R1) 109.34; More…
USD/JPY’s break of 108.70 minor support suggests that recovery form 107.47 has completed at 109.68. That also argues that the decline from 110.95 isn’t over yet. Intraday bias is back on the downside for 107.47 first. Break there will resume the fall from 110.95. For now, risk will stay on the downside as long as 109.68 resistance holds, in case of recovery.
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.
