Daily Pivots: (S1) 104.56; (P) 104.76; (R1) 104.95; More...
Intraday bias in USD/JPY stays neutral at this point. With 105.85 resistance intact, further decline is expected and downside breakout is in favor. Firm break of 104.00 will resume larger decline from 111.71, towards 101.18 low. On the upside, firm break of 105.05 will indicate short term bottoming and turn bias back to the upside for 106.10 resistance.
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.
