Daily Pivots: (S1) 104.99; (P) 105.25; (R1) 105.61; More...
USD/JPY’s break of 105.20 minor resistance should confirm short term bottoming at 104.00. Intraday bias is now back on the upside for 55 day EMA (now at 106.02). Sustained break there will raise the chance of bullish reversal and target 106.94 resistance for confirmation. On the downside, though, below 104.85 minor support will turn bias to the downside for retesting 104.00 instead.
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.
