Daily Pivots: (S1) 103.45; (P) 103.80; (R1) 103.99; More..
USD/JPY’s decline is still in progress and intraday bias stays on the downside for 103.17 support. Firm break there will resume whole down trend from 111.71. Next target is 101.18 low. On the upside, break of 104.57 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of stronger 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.
