Daily Pivots: (S1) 106.21; (P) 106.46; (R1) 106.84; More…

USD/JPY’s rebound from 105.54 extends higher today but upside is limited well below 108.72 support turned resistance. Intraday bias remains neutral with near term outlook staying bearish. Below 105.54 will extend the larger fall from 118.65 and target 100% projection of 118.65 to 108.12 from 114.73 at 104.20 next.

In the bigger picture, current development argues that the corrective pattern from 118.65 is extending. The solid break of 61.8% retracement of 98.97 to 118.65 at 106.48. now suggests that the pattern from 125.85 high is possibly extending. Deeper fall could be seen through 98.97 key support (2016 low). This bearish case will now be favored as long as 110.47 resistance holds.

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