Daily Pivots: (S1) 103.82; (P) 104.06; (R1) 104.28; More..
USD/JPY’s breach of 103.65 support suggests resumption of fall from 105.67. Intraday bias is back on the downside for 103.17 first. Break there will resume whole decline from 111.71 towards 101.18 low. For now, break of 104.57 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. On the upside, break of 106.10 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.
