Daily Pivots: (S1) 113.39; (P) 113.81; (R1) 114.16; More…
A temporary top is formed again at 114.23, ahead of 114.49 key resistance. Intraday bias is turned neutral first. More consolidation would likely be seen in near term. but after all, outlook stays bullish as long as 111.64 support holds. Decisive break of 114.49 resistance will confirm that correction pattern from 118.65 has completed at 107.31 already. And USD/JPY should then target a test on 118.65. However, break of 111.64 will dampen this bullish view and suggests that rebound from 107.31 has completed.
In the bigger picture, medium term rise from 98.97 (2016 low) is not completed yet. It should resume after corrective fall from 118.65 completed. Break of 114.49 resistance will likely resume the rise to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47 first. Firm break there will pave the way to 100% projection at 126.99. This will be the key level to decide whether long term up trend is resuming.
