Daily Pivots: (S1) 104.98; (P) 105.21; (R1) 105.49; More..
USD/JPY is staying in consolidation from 106.21 and intraday bias remains neutral first. With 104.40 support intact, further rise is in favor. On the upside, sustained break of 38.2% retracement of 111.71 to 102.58 will pave the way to 61.8% retracement at 108.22. However, on the downside, break of 104.40 will turn bias to the downside for 103.31 support.
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 105.84) will be the first sign of reversal and turn focus to channel resistance (now at 110.15).