Daily Pivots: (S1) 105.16; (P) 105.37; (R1) 105.75; More..

Intraday bias in USD/JPY remains on the upside at this point. Rise from 102.58 is at least correcting the down trend from 111.71. Further rally should be seen to 38.2% retracement of 111.71 to 102.58 at 106.06. On the downside, break of 104.96 minor support will turn intraday bias neutral first, and bring consolidation before staging another rally.

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 105.97) will be the first sign of reversal and turn focus to channel resistance (now at 110.31).

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