Daily Pivots: (S1) 113.15; (P) 113.47; (R1) 113.93; More…
Intraday bias in USD/JPY is back on the upside as it’s trying to resume recent rally after brief retreat. The up trend from 102.58 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, break of 112.99 minor support will turn intraday bias neutral and bring consolidations again. But strong support should be seen above 112.07 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.
