USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 111.23; (P) 111.42; (R1) 111.68; More…

USD/JPY’s fall resumed after brief consolidation and breaks 111.06 temporary low. Intraday bias is turned back to the downside for 61.8% retracement of 107.31 to 114.73 at 110.14. For the moment, we’re still favoring the case medium term corrective pattern from 118.65 has completed at 107.31 already. Hence, we’ll looking for bottoming below 110.14 to bring another rise. On the upside, above 116.68 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 107.31 support holds, medium term rise from 98.97 (2016 low) is not completed yet. And another rise is in favor. Break of 114.73 resistance will target a test on 118.65 high first. However, break of 107.31 will dampen this will and extend the medium term fall back to 98.97 low.

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