Daily Pivots: (S1) 109.36; (P) 109.62; (R1) 109.84; More…

USD/JPY rebounds notably today but stays below 110.19 minor resistance. Intraday bias remains neutral for the moment. With 108.55 support intact, further rise remains in favor too. On the upside, above 110.19 will resume the rise from 107.47 to retest 110.95 high. Firm break there will resume larger rise from 102.58 to 111.71 resistance next. On the downside, break of 108.55 will turn bias to the downside for 107.47 support instead.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. Though, as notable support was seen from 55 day EMA, rise from 102.58 is mildly in favor to extend higher. Decisive break of 111.71/112.22 resistance will suggest medium term bullish reversal. Rise from 101.18 could then target 118.65 resistance (Dec 2016) and above.

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