Daily Pivots: (S1) 109.28; (P) 109.60; (R1) 110.16; More…

USD/JPY’s break of 109.77 resistance suggests resumption of rise from 107.47. Intraday bias is back on the upside for retesting 110.95 high next. For now, break of 108.55 support is needed to confirm completion of the rebound. Otherwise, further rise will remain mildly in favor in case of retreat.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. We’d monitor the structure of the fall from 110.95, to assess whether it’s just correction to rise from 102.58 to 110.95, or a leg of a range pattern between 101.18 and 111.71, or starting another leg of the long term down trend.

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