Daily Pivots: (S1) 105.62; (P) 105.92; (R1) 106.09; More...
Intraday bias in USD/JPY is turned neutral again as it failed to break sustain above 4 hour 55 EMA and retreated. On the upside, break of 107.05 will revive the case of near term reversal and bring stronger rally. On the downside, break of 105.10 will target a test on 104.18. Break there will resume whole decline from 111.71.
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.
