Daily Pivots: (S1) 113.92; (P) 114.20; (R1) 114.52; More…
Intraday bias in USD/JPY is turned back to the downside with break of 113.74 minor support. Fall from 114.96 would target 112.71 structural support next. Firm break there will bring deeper correction bask towards 111.65 resistance turned support. On the upside, break of 114.96 is now needed to confirm up trend resumption. Otherwise, outlook will be neutral for more corrective trading first.
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.
