Daily Pivots: (S1) 114.07; (P) 114.38; (R1) 114.99; More…
Intraday bias in USD/JPY remains neutral at this point. On the upside, break of 115.05 minor resistance will revive near term bullishness and bring retest of 116.34 high first. On the downside, break of 113.47 will resume the corrective fall from 116.34 to 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). Sustained break there will pave the way to 120.85 (2015 high) and raise the chance of long term up trend resumption. This will remain the favored case as long as 55 week EMA (now at 110.91) holds.
