Daily Pivots: (S1) 116.48; (P) 116.92; (R1) 117.73; More…
Intraday bias in USD/JPY remains on the upside at this point. Current up trend from 102.58 should target 118.65 long term resistance next. On the downside, below 117.23 minor support will turn intraday bias neutral and bring consolidation first. But retreat should be contained by 116.34 resistance turned support to bring another rally.
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). Sustained break there will pave the way to 125.85 (2015 high) and raise the chance of long term up trend resumption. This will remain the favored case as long as 113.46 support holds.
