Daily Pivots: (S1) 113.70; (P) 113.98; (R1) 114.33; More…
USD/JPY’s rebound from 112.52 resumed by breaking 113.94 minor resistance and intraday bias is back on the upside for retesting 115.51 high. Firm break there will resume whole up trend from 102.58 and target 118.65 key long term resistance. On the downside, below 113.21 minor support will now likely resume the correction from 115.51 through 112.52 support.
In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high) on resumption. However, firm break of 109.11 structural support will argue that the trend might have reversed and bring deeper fall to 107.47 support and possibly below.
