Daily Pivots: (S1) 106.61; (P) 106.84; (R1) 107.29; More...
Intraday bias in USD/JPY is turned neutral with the current rebound. Another fall could still be seen as long as 107.64 minor resistance holds. Break of 106.07 will extend the corrective pattern from 111.71. But in this case, downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. Meanwhile, firm break of 107.64 should suggest completion of the fall from 109.85. Intraday bias will be turned back to the upside for this resistance.
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.
