Daily Pivots: (S1) 109.21; (P) 109.54; (R1) 109.80; More..
USD/JPY’s fall from 110.28 is still in progress and intraday bias remains on the downside. Break of 55 day EMA (now at 109.15) will put focus on 107.65 key support. On the upside, break of 109.76 minor resistance will turn bias back to the upside for retesting 110.28 high instead.
In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). There is no clear indication of trend reversal yet. Hence, rise from 104.45 is seen as a correction and down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.