Daily Pivots: (S1) 113.64; (P) 114.03; (R1) 114.41; More…
Intraday bias in USD/JPY remains mildly on the downside, pull back to 4 hour 55 EMA (now at 113.65) and below. 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 102.58 to 111.65 from 109.11 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.
