Daily Pivots: (S1) 108.20; (P) 108.74; (R1) 109.15; More…
No change in USD/JPY’s outlook and intraday bias stays mildly on the downside for 107.47 support first. Break there will resume whole decline from 110.95 for 100% projection of 110.95 to 107.47 from 109.68 at 106.20 next. For now, risk will stay on the downside as long as 109.68 resistance holds, in case of recovery.
In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. We’d monitor the structure of the fall from 110.95, to assess whether it’s just correction to rise from 102.58 to 110.95, or a leg of a range pattern between 101.18 and 111.71, or starting another leg of the long term down trend.
