Daily Pivots: (S1) 109.16; (P) 109.39; (R1) 109.75; More..
USD/JPY’s break of 109.48 resistance suggests resumption of rise from 104.45. Intraday bias is back on the upside for 100% projection of 104.45 to 108.47 from 106.48 at 110.50 next. On the downside, break of 108.24 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, strong support was seen from 104.62 again. Yet, there is no confirmation of medium term reversal. Corrective decline from 118.65 (Dec. 2016) could still extend lower. But in that case, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound. Meanwhile, on the upside, break of 112.40 key resistance will be a strong sign of start of medium term up trend.