Daily pivots: (S1) 107.08; (P) 107.29; (R1) 107.51; More ..
The USD / JPY rise from 105.98 bottom in the short term is resumed by taking 107.76 resistance. Intraday bias is turned back to the head for 109.38 resistance. As mentioned earlier, the correctional decline from 111.71 should have already ended at 1 p.m. 105.98. Breaks of 109.38 will target 111.71 high. However, a breakdown of 106.74 less support will dampen the bullish view and return the bias to the downside.
In the bigger picture, the entire decline from 118.65 (Dec 2016) at this point continues to show a corrective look with well channeling. There is no clear sign of completion yet. Breaks of 101.18 will target 98.97 (low in 2016). Meanwhile, a sustained break of 112.22 should confirm the end of the decline and turn the outlook to bullish for 118.65 and above.