Daily Pivots: (S1) 104.37; (P) 104.60; (R1) 104.75; More...

Intraday bias in USD/JPY is turned neutral again after today’s sharp reversal. On the downside, sustained break of 104.00 support will resume larger decline from 111.71. Further fall could be seen towards 101.18 support. On the upside, above 105.34 will turn bias back to the upside for 106.10 resistance.

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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. However, sustained break of 112.22 resistance should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

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