Daily Pivots: (S1) 103.56; (P) 103.88; (R1) 104.12; More...

USD/JPY’s fall from 105.67 is still in progress and intraday bias stays on the downside for retesting 103.17 low. Decisive break there will resume larger decline from 111.71. On the upside, above 104.56 minor resistance will turn intraday bias neutral first. But further break of 105.67 resistance is needed to indicate bullish reversal. Otherwise, outlook will stay bearish in case of another rebound.

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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.

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