Daily Pivots: (S1) 104.26; (P) 104.57; (R1) 104.76; More...
Intraday bias in USD/JPY remains on the downside for 104.00 low. Decisive break there will resume larger decline from 111.71, towards 101.18 key support. On the upside, break of 105.05 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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.
