Daily Pivots: (S1) 110.16; (P) 110.28; (R1) 110.54; More…

USD/JPY’s rally continues today and reaches as high as 110.79 so far. Intraday bias remains on the upside for target 61.8% retracement of 114.73 to 104.62 at 110.86 next. Firm break there will target medium term trend line resistance at 112.43. On the downside, below 110.06 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 109.13 support holds.

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In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.30) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

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