Daily Pivots: (S1) 106.74; (P) 106.95; (R1) 107.21; More..
USD/JPY rises further to as high as 107.48 so far. Break of near term channel resistance indicates upside acceleration. Intraday bias stays on the upside for 61.8% retracement of 111.71 to 102.58 at 108.22. On the downside, break of 106.21 resistance turned support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat.
In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016), and there is no clear indication of trend reversal yet. Though, sustained trading above 55 week EMA (now at 105.90) will be the first sign of reversal and turn focus to channel resistance (now at 110.02).
