Daily Pivots: (S1) 109.81; (P) 110.39; (R1) 111.52; More…
USD/JPY’s break of 110.80 resistance suggests that fall from 114.36 has completed at 108.81 already. Intraday bias is turned back to the upside for channel resistance (now at 113.06). Sustained break there will argue that whole pull back from 118.65 has completed at 108.12 already. In such case, further rise should be seen to 114.36 resistance for confirmation. Nonetheless, break of 108.81 will still extend the fall from 118.65 through 108.12 low before completion.
In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. It’s uncertain whether it’s completed yet. But in case of another fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. Overall, rise from 75.56 is still expected to resume later after the correction from 125.85 completes.
