Daily Pivots: (S1) 105.30; (P) 105.48; (R1) 105.70; More...
Intraday bias in USD/JPY remains neutral as consolidation from 105.70 is extending. With 104.92 support intact, further rise is in favor. On the upside, break of will resume the rebound from 104.00 short term bottom to 55 day EMA (now at 105.97). Sustained break of 55 day EMA will raise the chance of bullish reversal and target 106.94 resistance for confirmation. On the downside, though, below 104.92 minor support will turn bias back 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 resistance should confirm completion of the down trend and turn outlook bullish for 118.65 and above.
