Daily Pivots: (S1) 109.76; (P) 109.93; (R1) 110.25; More…
Intraday bias in USD/JPY remains neutral at this point. On the upside, above 110.32 will resume the rise from 107.47. Intraday bias will be turned back to the upside for retesting 110.95 high. On the downside, below 109.17 will target 108.55 support, and then 107.47.
In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. Though, as notable support was seen from 55 day EMA, rise from 102.58 is mildly in favor to extend higher. Decisive break of 111.71/112.22 resistance will suggest medium term bullish reversal. Rise from 101.18 could then target 118.65 resistance (Dec 2016) and above. However, sustained break of 55 day EMA would revive some medium term bearishness, and open up deep fall to 61.8% retracement of 102.58 to 110.95 at 105.77 and below.
