USD/JPY Daily Outlook
Daily Pivots: (S1) 112.76; (P) 113.07; (R1) 113.28;
Intraday bias in USD/JPY stays neutral with focus on 38.2% retracement of 110.37 to 114.54 at 112.94. On the upside, above 113.55 will suggest that the pull back from 114.54 has completed. Intraday bias will be turned back to the upside for retesting 114.54 and 114.73 key resistance. Nonetheless, sustained trading below 38.2% retracement of 110.37 to 114.54 at 112.94 will target 61.8% retracement at 111.96.
In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.76 support holds.
AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7069; (P) 0.7088; (R1) 0.7121;
Intraday bias in AUD/USD remains neutral as consolidation from 0.7040 extends. While further rise cannot be ruled out, upside should be limited well below 0.7314 resistance bring fall resumption. On the downside, of 0.7040 will resume whole down trend from 0.8135 to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948 next.
In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). However, break of 0.7500 support turned resistance will argue that the corrective pattern from 0.6826 is going to extend with another rising leg before completion.
