Daily Pivots: (S1) 112.99; (P) 113.22; (R1) 113.62; More…..
Intraday bias in USD/JPY stays on the upside at this point. Break of 113.74 will resume rise from 110.83 and target key resistance at 114.73 next. On the downside, below 112.83 minor support will turn intraday bias neutral first. But we’ll continue to expect further rally ahead as long as 112.02 support holds.
In the bigger picture, we’re holding on to the view that correction from 118.65 is completed at 107.31. And medium term rise from 98.97 (2016 low) is going to resume soon. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this view and extend the medium term fall back to 98.97 low.
