Daily Pivots: (S1) 103.89; (P) 104.15; (R1) 104.48; More..
USD/JPY’s rise from 102.58 is still in progress with focus on channel resistance, (now at 104.37). Sustained break there will argue that the down trend from 111.71 has finally completed. Stronger rise would be seen to 105.67 resistance for confirmation. Nevertheless, rejection by the channel resistance will maintain bearishness. Break of 103.59 minor support will turn bias back to the downside for retesting 102.58 low.
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 105.67 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.