Daily Pivots: (S1) 106.76; (P) 106.88; (R1) 107.00; More...

USD/JPY recovered ahead of 106.57 support but stays in range below 107.64 resistance. Intraday bias remains neutral first. Another fall is in favor and break of 106.57 will target 105.98 and below. But in this case, downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. On the upside, break of 107.64 will turn bias back to the upside for 109.85 resistance instead.

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In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is no clear indication of trend reversal yet. Break of 105.98 support could extend the down trend 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.

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