Daily Pivots: (S1) 104.80; (P) 105.25; (R1) 105.53; More...
Intraday bias in USD/JPY remains on the downside for the moment. Current fall is part of the decline from 111.71 and should target 100% projection of 111.71 to 105.98 from 109.85 at 104.12 next. On the upside, above 105.68 minor resistance will turn intraday bias neutral again and bring consolidation. But recovery should be limited below 106.63 support turned resitsance to bring another decline.
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.
