Daily Pivots: (S1) 109.04; (P) 109.25; (R1) 109.52; More…
USD/JPY’s really resumes today and reaches as high as 109.69 so far. Intraday bias is back on the upside. Current rise from 104.62 should target 61.8% retracement of 114.73 to 104.62 at 110.86 next. On the downside, below 108.96 will turn intraday bias neutral again and bring consolidations.
In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.78).
