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

Intraday bias in USD/JPY remains on the upside, as rise from 107.47 is targeting a test on 110.95 high. On the downside, below 109.74 minor support will turn intraday bias neutral first. But 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.

Source link