Daily Pivots: (S1) 113.70; (P) 114.34; (R1) 114.73; More…
Intraday bias in USD/JPY remains neutral for consolidations first. Further rise is expected as long as 113.74 minor support holds. Break of 114.96 will resume larger up trend to 100% projection of 102.58 to 111.65 from 109.11 at 118.18. However, break of 113.74 will dampen this bullish case and turn bias back to the downside for 112.71 near term structural support.
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 118.65 high. This will now be the preferred case as long as 111.65 resistance turned support holds, even in case of deep pull back.
