Daily Pivots: (S1) 106.89; (P) 107.24; (R1) 107.46; More…
Outlook in USD/JPY remains unchanged. With 106.64 minor support intact, rebound from 104.62 could extend higher. But 38.2% retracement of 114.73 to 104.62 at 108.48 9 which is close to 108.12, remains crucial in determining the medium outlook. Break of 106.64, however, will indicate the rebound from 104.62 has completed. And in that case, bias will be turned back to the downside for retesting 104.62.