Daily Pivots: (S1) 103.72; (P) 103.82; (R1) 103.93; More...
Further fall is expected in USD/JPY with 104.56 minor resistance intact, despite weak downside momentum. Deeper decline would be seen to retest 103.17 low. Firm break there will resume whole down trend form 111.71. On the upside, however, break of 104.56 will turn bias back to the upside for 105.67 resistance 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. On the upside, break of 106.10 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.
