Daily Pivots: (S1) 104.96; (P) 105.54; (R1) 105.95; More...
A temporary low is formed at 105.11 with breach of 105.66 minor resistance. Intraday bias is turned neutral for some consolidations first. But recovery should be limited by 106.63 support turned resistance to bring another fall. On the downside, break of 105.11 will extend the fall from 111.71 to 100% projection of 111.71 to 105.98 from 109.85 at 104.12 next.
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. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.
