Daily Pivots: (S1) 103.18; (P) 103.25; (R1) 103.32; More..
Intraday bias in USD/JPY remains neutral first as consolidation from 102.87 could extend further. Overall outlook remain bearish though. Break of 102.87 will resume larger down trend form 111.71. Next target would be a test on 101.18 low. On the upside, though, break of 103.89 resistance will be the first sign of short term bottoming, and turn intraday bias back to the upside for 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.
