Daily Pivots: (S1) 103.97; (P) 104.29; (R1) 104.50; More...
Intraday bias in USD/JPY remains mildly on the downside for retesting 103.17 low. Decisive break there will resume larger decline from 111.71. On the upside, decisive break of 106.10 resistance is needed to indicate bullish reversal. Otherwise, outlook will stay bearish in case of another rebound.
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. On the upside, break of 106.10 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.
