Daily Pivots: (S1) 109.24; (P) 109.80; (R1) 110.16; More…

Intraday bias in USD/JPY remains on the downside for 109.02 low first. Break will resume the fall form 112.40 and should target 104.69 low. In any case, near term outlook will stay bearish as long as 55 day EMA (now at 110.73) holds.

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In the bigger picture, USD/JPY is staying inside falling channel from 118.65. Currently development suggests that rebound from 104.69 is only a corrective move. And fall from 118.65 is not completed yet. Decisive break of 104.69 will extend the down trend towards 98.97 support (2016 low). For now, we’d expect strong support above there to bring rebound.

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