Daily Pivots: (S1) 104.11; (P) 104.82; (R1) 105.30; More...
Intraday bias in USD/JPY stays on the downside. Deeper fall would be seen to retest 104.00 support first. Break there will resume whole decline from 111.71. Next target will be 101.18 low. On the upside, however, break of 105.03 minor resistance will turn bias neutral first.
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.
