Daily Pivots: (S1) 109.82; (P) 109.91; (R1) 110.08; More..
USD/JPY is losing some upside momentum as seen in 4 hour MACD. But intraday bias stays on the upside with 109.54 minor support holds, for 110.28 resistance. Break there will resume larger rebound from 104.45 and target medium term channel resistance at 111.23. On the downside, below 109.54 minor support will turn intraday bias neutral first.
In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise from 104.45 is seen as a correction and the down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.
