Daily Pivots: (S1) 104.27; (P) 104.57; (R1) 104.87; More...
USD/JPY drops to as low as 104.06 so far today. Break of 104.27 support confirms down trend resumption. intraday bias remains on the downside for 61.8% projection of 109.85 to 104.18 from 106.94 at 103.43 next. On the upside, above 104.63 minor resistance will turn intraday bias neutral first, for some consolidations, before staging 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.
