Daily Pivots: (S1) 113.56; (P) 114.05; (R1) 114.51; More…
Intraday bias in USD/JPY is turned neutral again with today’s recovery. For now, break of 114.96 is needed to confirm up trend resumption. Otherwise, outlook will be neutral for more corrective trading first. As long as 112.71 support holds, such consolidation should be relatively brief. However, firm break of 112.71 will bring deeper correction back towards 111.65 resistance turned 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.
