Daily Pivots: (S1) 107.98; (P) 108.30; (R1) 108.76; More…
Intraday bias in USD/JPY remains on the upside as rise from 104.45 is resuming. Further rise should be seen to 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, below 107.77 minor support will turn intraday bias neutral again.
In the bigger picture,strong support was seen from 104.62 again. Yet, there is not confirmation of medium term reversal. Corrective decline from 118.65 (Dec. 2016) could still extend lower. But in that case, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound. Meanwhile, on the upside, break of 112.40 key resistance will be a strong sign of start of medium term up trend.
