Daily Pivots: (S1) 109.97; (P) 110.26; (R1) 110.53; More..
With 111.46 minor resistance intact, deeper decline is still expected in USD/JPY for 109.76 key support. Firm break there will confirm bearish reversal. Further fall should then be seen to 61.8% retracement of 104.62 to 114.54 at 108.40 and below. Nevertheless, break of 111.46 resistance will revive near term bluishness and turn bias back to the upside for 55 day EMA (now at 112.63) first.
In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.
