Daily Pivots: (S1) 115.01; (P) 115.35; (R1) 115.58; More…
Intraday bias in USD/JPY is turned neutral with current retreat. But further rise is expected as long as 114.46 minor support holds. Above 115.68 will target 116.34 high first. Decisive break there will resume larger up trend for 118.65 long term resistance next. On the downside, break of 114.46 will turn bias back to the downside for retesting 113.46 support instead.
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 111.07) holds.
