Daily Pivots: (S1) 112.48; (P) 112.81; (R1) 113.42; More…
USD/JPY’s rise from 1108.3 resumed by breaking through 113.08 and reaches as high as 113.47 so far. The development also revived the case that pull back from 114.73 is completed at 110.83. Intraday bias is back on the upside for retesting 114.73 key resistance. On the downside, break of 111.98 support is needed to indicate near term reversal. Otherwise, outlook will be mildly bullish in case of retreat.
In the bigger picture, we’re holding on to the view that correction from 118.65 is completed a 107.31. And medium term rise from 98.97 (2016 low) is resuming. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this will and extend the medium term fall back to 98.97 low.
