Daily Pivots: (S1) 108.59; (P) 108.95; (R1) 109.15; More…

Intraday bias in USD/JPY remains neutral and more sideway trading could be seen. With 108.34 minor support intact, further rise is mildly in favor. Break of 109.77 will resume the rebound from 107.47 to retest 110.95 high. On the downside, break of 108.34 will turn bias back to the downside for 107.47 support and below instead.

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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