Daily Pivots: (S1) 106.04; (P) 106.36; (R1) 106.88; More..

Intraday bias in USD/JPY remains mildly on the upside at this point. Current rise form 102.58 should target 61.8% retracement of 111.71 to 102.58 at 108.22. Sustained break there will raise the chance of larger bullish reversal, and target 111.71 resistance. On the downside, below 105.84 minor support will turn intraday bias neutral first.

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).

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