Daily Pivots: (S1) 109.84; (P) 110.30; (R1) 110.63; More…

Intraday bias in USD/JPY stays neutral and more consolidation could be seen below 110.95. Overall outlook will remain bullish as long as 108.40 support holds, and further rally is expected. On the upside, break of 110.95 will resume the whole rise from 102.58, for 111.71/112.22 resistance zone next.

In the bigger picture, current development suggests that the corrective down trend from 118.65 (Dec 2016) has completed at 101.18. Firm break of 112.22 resistance should confirms this bullish case. A medium term up trend could then has started for 100% projection of 101.18 to 111.71 from 102.58 at 113.11 and then 161.8% projection at 119.61. Rejection by 111.71, however, will keep medium term outlook neutral first.

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