Daily Pivots: (S1) 112.52; (P) 112.96; (R1) 113.78; More…
USD/JPY’s rally continues today and reaches as high as 113.77 so far today. Intraday bias remains on the upside. Up trend from 102.58 is in progress and should target 61.8% projection of 102.58 to 111.65 from 109.11 at 114.71. Firm break there will target 100% projection at 118.18 next. On the downside, below 112.99 minor support will turn intraday bias neutral and bring consolidation first. But retreat should be contained by 112.07 resistance turned support to bring rise resumption.
In the bigger picture, corrective decline from 118.65 (2016 high) should have completed at 101.18 already. Rise from the 102.58 is seen as the third leg of the up trend from 101.18. Next target is 114.54 resistance and then 118.65 high. This will now be the preferred case as long as 108.71 support hold, even in case of pull back.
