Daily Pivots: (S1) 107.00; (P) 107.19; (R1) 107.41; More…
No change in USD/JPY’s outlook as it’s still bounded in range of 106.64/107.77. Intraday bias remains neutral and more consolidative could be seen. Further rise would be mildly in favor as long as 106.64 minor support holds. Break of 107.77 will target 38.2% retracement of 114.73 to 104.62 at 108.48 which is close to 108.12. This level is crucial in determining the medium outlook. On the downside, 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.