Daily Pivots: (S1) 104.06; (P) 104.26; (R1) 104.45; More..
Intraday bias in USD/JPY remains on the upside at this point. Current development argues that whole down trend from 111.71 has completed, on bullish convergence condition in daily MACD. Further rally would be seen to 38.2% retracement of 111.71 to 102.58 at 106.06. On the downside, break of 104.16 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). 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.