Daily Pivots: (S1) 113.42; (P) 113.83; (R1) 114.11; More…
USD/JPY retreated after hitting 114.26 and intraday bias is turned neutral first. On the upside, above 114.26 will resume the rebound from 112.52 to retest 115.51 high. On the downside, however, below 113.21 minor support will now likely resume the correction from 115.51 through 112.52 support.
In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high) on resumption. However, firm break of 109.11 structural support will argue that the trend might have reversed and bring deeper fall to 107.47 support and possibly below.
