Daily Pivots: (S1) 107.89; (P) 108.79; (R1) 109.34; More..
Intraday bias in USD/JPY remains on the downside at this point. Corrective rise from 105.98 has completed with three waves up to 109.85. Consolidation pattern from 111.71 is in the third leg. Deeper fall would be seen to 105.98. On the upside, above 108.54 minor resistance will turn intraday bias neutral first. But risk will stay mildly on the downside as long as 109.85 resistance holds.
In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is clear indication of trend reversal yet. Break of 105.98 support would extend the down trend through 101.18 low. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.
