Daily Pivots: (S1) 106.55; (P) 107.02; (R1) 107.64; More...
USD/JPY recovered after dipping to 106.35 and intraday bias is turned neutral first. Some support was seen from 61.8% projection of 111.71 to 106.91 from 109.38 at 106.41. The development raises the chance that such decline is merely a correction. Break of 108.04 minor resistance will suggest that such correction has completed and turn bias back to the upside for 109.38 resistance first. Though, break of 106.35 will target 100% projection at 104.58 next.
In the bigger picture, at this point, whole decline from 118.65 (Dec 2016) continues to display a corrective look, with well channeling. There is no clear sign of completion yet. Break of 101.18 will target 98.97 (2016 low). Meanwhile, sustained break of 112.22 should confirm completion of the decline and turn outlook bullish for 118.65 and above.
