Daily Pivots: (S1) 109.37; (P) 109.91; (R1) 110.21; More..
Intraday bias in USD/JPY remains on the downside for 108.30 support. Decisive break there will indicate completion of whole rise from 104.45 and turn outlook bearish. next downside target will be 107.65 support. On the upside, above 109.33 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 112.22 resistance holds.
In the bigger picture, current steep decline and rejection b y 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall fro m118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.