Daily Pivots: (S1) 113.19; (P) 113.55; (R1) 113.80; More…
At this point, USD/JPY is still holding above 112.95 support and intraday bias remains neutral first. On the downside, decisive break of 112.95 will indicate rejection from 114.49 resistance. Intraday bias will be turned back to the downside for 38.2% retracement of 107.31 to 114.73 at 111.89 first. On the upside, sustained break of 114.49 key resistance will pave the way to retest 118.65 high.
In the bigger picture, medium term rise from 98.97 (2016 low) is not completed yet. It should resume after corrective fall from 118.65 completes. Break of 114.49 resistance will likely resume the rise to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47 first. Firm break there will pave the way to 100% projection at 126.99. This will be the key level to decide whether long term up trend is resuming. However, firm break of 111.64 support will dampen this view and turn focus back to 107.31 instead.
