Daily Pivots: (S1) 103.65; (P) 103.80; (R1) 103.91; More..
Range trading continues in USD/JPY and intraday bias remains neutral first. The pair is still bounded inside falling channel that started at 111.71. Hence, deeper decline could be seen. Below 103.31 will bring retest of 102.58 low first. however, on the upside, break of 104.39 and sustained trading above the channel resistance will argue that the down trend from 111.71 has finally completed. Stronger rise would be seen to 105.67 resistance for confirmation.
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.