Daily Pivots: (S1) 104.79; (P) 105.56; (R1) 106.13; More..
USD/JPY dives to as low as 101.54 today and the strong break of 104.45 confirms down trend resumption. Intraday bias stays on the downside for next key support level at 98.97. On the upside, above 104.99 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 112.22 resistance to bring fall resumption.
In the bigger picture, fall from 118.65 (Dec 2016) is still in progress. It’s seen as part of a larger consolidative pattern from 125.85 (2015 high). Such decline could could extend through 98.97 (2016 low). For now, risk will remain on the downside as long as 112.22 resistance holds, even in case of rebound.
