Daily Pivots: (S1) 113.42; (P) 113.83; (R1) 114.11; More…
USD/JPY’s breach of 113.21 minor support suggests that recovery from 112.52 has completed at 114.26. Corrective fall from 115.51 might be ready to resume. Intraday bias is back on the downside for 112.52 first. Break will confirm this case and target 100% projection of 115.51 to 112.52 from 114.26 at 111.27. Nevertheless, break of 114.26 will resume the rebound from 112.52 to retest 115.51 high.
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.
