Daily Pivots: (S1) 109.98; (P) 110.08; (R1) 110.16; More…
Intraday bias in USD/JPY is back on the upside as rise from 107.47 resumes through 110.32. Further rise should be seen to 110.95 high next. Decisive break there will resume larger up trend from 102.58 to 111.71 key resistance next. On the downside, break of 109.75 minor support will turn intraday bias neutral first.
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.
