Daily Pivots: (S1) 105.10; (P) 105.58; (R1) 105.87; More...
USD/JPY’s breach of 105.30 support suggests that corrective rise form 104.18 has completed at 107.05. Intraday bias is turned back to the downside for retesting 104.18 low. Break there will resume whole decline from 111.71. On the upside, above 106.05 minor resistance will turn focus back to 107.05 instead.
In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016). 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.
