Daily Pivots: (S1) 111.74; (P) 112.02; (R1) 112.27; More….
USD/JPY rises further to as high as 112.47 so far today and intraday bias remains on the upside. As noted before, corrective fall from 118.65 should have completed with three waves down to 108.12 already. Break of 115.49 will resume larger rally from 98.97 to 125.85 high. On the downside, break of 110.86 will bring lengthier consolidation before staging another rise.
In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. It’s uncertain whether it’s completed yet. But in case of another fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. Meanwhile, break of 115.49 resistance will extend the rise from 98.97 to retest 125.85. Overall, rise from 75.56 is still expected to resume later after the correction from 125.85 completes.
