Daily Pivots: (S1) 107.32; (P) 107.93; (R1) 108.35; More...
USD/JPY is still bounded in range above 106.91 and intraday bias remains neutral first. On the downside, break of 106.91 will resume the fall from 111.71 and target 100% projection of 111.71 to 106.91 from 109.38 at 104.58. On the upside, break of 109.38 will suggest that fall from 111.71 has completed. Intraday bias will be turned back to the upside for 111.71/112.22 resistance zone.
In the bigger picture, at this point, whole decline from 118.65 (Dec 2016) continues to display a corrective look, with well channeling. There is no clear sign of completion yet. Break of 101.18 will target 98.97 (2016 low). Meanwhile, sustained break of 112.22 should confirm completion of the decline and turn outlook bullish for 118.65 and above.
