USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 106.89; (P) 107.13; (R1) 107.45; More…

USD/JPY is still bounded in range of 106.07/107.64. Intraday bias remains neutral for the moment. As long as 107.64 resistance holds, another fall could be seen to 105.98 support and below. But downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. Meanwhile, firm break of 107.64 should suggest completion of the fall from 109.85. Intraday bias will be turned back to the upside for this resistance.

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In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is no clear indication of trend reversal yet. The down trend could still extend through 101.18 low. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.