Daily Pivots: (S1) 103.12; (P) 103.84; (R1) 104.23; More...

USD/JPY drops to as low as 103.17 so far today and met 100% projection of 106.10 to 104.02 from 105.34 at 103.26. Intraday bias stays on the downside. Next target is 161.8% projection at 101.97. On the upside, above 104.02 support turned resistance will turn intraday bias neutral first. But overall near term outlook will remain bearish as long as 105.34 resistance holds.

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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. On the upside, break of 106.10 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

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