Daily Pivots: (S1) 112.81; (P) 113.18; (R1) 113.88; More…

USD/JPY’s rebound from 107.31 continues today and intraday bias remains on the upside for 114.49 resistance. As noted before, correction pattern from 118.65 could have completed at 107.31 already. Decisive of 114.49 resistance should confirm this bullish case and target 118.65 resistance and above. For now, this will be the preferred case as long as 111.64 support holds.

In the bigger picture, medium term rise from 98.97 (2016 low) is not completed yet. It should resume after corrective fall from 118.65 completed. Break of 114.49 resistance will likely resume the rise to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47 first. Firm break there will pave the way to 100% projection at 126.99. This will be the key level to decide whether long term up trend is resuming.

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