Daily Pivots: (S1) 106.46; (P) 106.68; (R1) 106.98; More..

Outlook in USD/JPY remains unchanged and intraday bias stays on the upside. Current rise from 102.58 is in progress for 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 106.21 minor support will turn intraday bias neutral and bring consolidations. But outlook will stay bullish as long as 104.91 support holds.

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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