USD/JPY Intraday: bullish bias above 118.35.
Pivot: 118.35
Our preference: Long positions above 118.35 with targets @ 119.2 & 119.5 in extension.
Alternative scenario: Below 118.35 look for further downside with 118 & 117.6 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The pair is pulling back on its support.
