Daily Pivots: (S1) 102.79; (P) 103.18; (R1) 103.46; More..
Intraday bias in USD/JPY is turned neutral again with today’s recovery, and break of 103.51 minor resistance. Overall, the pair is staying well inside falling channel from 111.71. Further decline is expected as long as 104.57 resistance holds. Break of 102.87 will extend the decline towards 101.18 low.
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.
