Daily Pivots: (S1) 108.83; (P) 109.08; (R1) 109.29; More…
Intraday bias in USD/JPY remains on the downside at this point. Fall from 111.65 is in progress for 38.2% retracement of 102.58 to 111.65 at 108.18. On the upside, above 109.82 minor resistance will turn bias back to the upside for 110.58 resistance instead.
In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. For now, outlook won’t turn bullish as long as 111.71 resistance holds, even in case of strong rebound.
