Daily Pivots: (S1) 113.21; (P) 113.71; (R1) 113.99; More…
Intraday bias in USD/JPY is mildly on the downside as pull back from 114.69 is extending. But downside should be contained above 112.07 resistance turned support to bring rise resumption. On the upside, firm break of 114.69 will resume the larger up trend to 100% projection of 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.
