Daily Pivots: (S1) 109.15; (P) 109.50; (R1) 109.95; More..
Intraday bias in USD/JPY remain son the upside at this point. rebound from 105.98 is in progress for 111.71/112.22 resistance zone. Decisive break there will carry larger bullish implications. On the downside, below 108.61 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is clear indication of trend reversal yet. Break of 105.98 support would extend the down trend 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.
