Daily Pivots: (S1) 105.32; (P) 105.59; (R1) 105.87; More...
No change in USD/JPY’s outlook and intraday bias remains neutral. On the downside, break of 105.20 minor support will suggest completion of rebound from 104.18. Intraday bias will be turned back to retest this low. On the upside, though, break of 106.47 will re-affirm the case of near term reversal and target 108.16 resistance.
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.
