Daily Pivots: (S1) 107.17; (P) 107.34; (R1) 107.53; More…
Intraday bias in USD/JPY remains neutral at this point. 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.