Daily Pivots: (S1) 113.15; (P) 113.47; (R1) 113.93; More…
Intraday bias in USD/JPY is turned neutral first and some consolidations could be seen below 113.77 temporary top. Downside of retreat should be contained above 112.07 resistance turned support to bring rise resumption. Break of 113.77 will resume larger rise from 102.58 to 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.
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.
