Daily Pivots: (S1) 110.52; (P) 110.97; (R1) 111.82; More..
Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed above signal line. Focus is back on 111.46 minor resistance. With 109.76 key support intact, break of 111.46 will revive near term bullishness. In this case, intraday bias is turned back to the upside for 55 day EMA (now at 112.67) first. On the downside, below 110.13 will target 109.76 support.
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.
