Daily Pivots: (S1) 115.26; (P) 115.36; (R1) 115.48; More…
Intraday bias in USD/JPY is turned neutral with current retreat. Further rally will be expected as long as 113.57 support holds. Break of 115.51 temporary top will resume larger up trend to 100% projection of 102.58 to 111.65 from 109.11 at 118.18 next. However, break of 113.57 will indicate that larger correction is underway, and targets 112.71 support 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 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.
