Daily Pivots: (S1) 114.05; (P) 114.37; (R1) 114.66; More…
Intraday bias in USD/JPY is turned neutral first as it retreated just ahead of 61.8% projection of 102.58 to 111.65 from 109.11 at 114.71. On the downside, break of 113.87 minor support will confirm short term topping, and turn intraday bias to the downside for deeper pull back. But downside should be contained above 112.07 resistance turned support to bring rise resumption. On the upside, sustained break of 114.71 will resume larger up trend from 102.58 to 100% projection at 118.18 next.
In the bigger picture, corrective decline from 118.65 (2016 high) should have completed at 101.18 already. Rise from the 102.58 is seen as the third leg of the up trend from 101.18. Next target is 114.54 resistance and then 118.65 high. This will now be the preferred case as long as 109.11 support hold, even in case of deep pull back.
