Daily Pivots: (S1) 103.15; (P) 103.53; (R1) 103.81; More..
USD/JPY drops to as low as 102.93 so far today. The break of 103.17 support confirms resumption of whole down trend from 111.71. Intraday bias remains on the downside. Deeper decline would be seen to retest 101.18 low. On the upside, above 103.51 minor resistance will turn intraday bias neutral first. But 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.
