Daily Pivots: (S1) 114.74; (P) 115.11; (R1) 115.75; More…
Intraday bias in USD/JPY remains on the upside for retesting 116.34 high first. Firm break there will resume larger up trend for 118.65 long term resistance next. On the downside, below 114.46 minor support will mix up the near term outlook and turn intraday bias neutral again.
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.
