Daily Pivots: (S1) 113.69; (P) 113.96; (R1) 114.36; More…
USD/JPY’s rebound from 122.52 resumed by breaking 114.26 resistance. Intraday bias is back on the upside for retesting 115.51 high. On the downside, break of 113.12 will turn bias to the downside, and 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.
