Daily Pivots: (S1) 103.14; (P) 104.62; (R1) 106.15; More..
Intraday bias in USD/JPY is mildly on the upside a corrective rise from 101.18 is in progress. At this point, we’d expect strong resistance from 61.8% retracement of 112.22 to 101.18 at 108.00 to limit upside. On the downside, break of 103.07 minor support will suggest the recovery is completed and turn bias to the downside for retesting 101.18 support. However, sustained break of 108.00 will bring retest of 112.22 resistance.
In the bigger picture, fall from 118.65 (Dec 2016) is still in progress. It’s seen as part of a larger consolidative pattern from 125.85 (2015 high). Such decline could could extend through 98.97 (2016 low). For now, risk will remain on the downside as long as 112.22 resistance holds, even in case of rebound.