Daily Pivots: (S1) 111.12; (P) 111.28; (R1) 111.40; More…
USD/JPY fails to take out 111.78 temporary top and stays in range. Intraday bias remains neutral for the moment. Further rise is favor with 110.63 minor support intact. Above 111.78 will target channel resistance (now at 112.82). Sustained break there will suggest 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. However, break of 110.63 will turn bias back to the downside for 108.81 instead.
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.
