Daily Pivots: (S1) 102.63; (P) 103.03; (R1) 103.48; More..
Intraday bias in USD/JPY remains neutral at this point. But outlook stays bearish with 103.89 resistance intact. ON the downside, break of 102.58 will extend the down trend from 111.17 to retest 101.18 low. However, firm break of 103.89 will indicate short term bottoming, and turn bias to the upside for stronger rebound.
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.
