Daily Pivots: (S1) 106.76; (P) 106.88; (R1) 107.00; More...
USD/JPY finally breaks 106.57 temporary low to resume the decline from 109.85. Such fall is part of the corrective pattern from 111.71. Intraday bias is back on the downside for 105.98 support and below. Downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. On the upside, break of 107.22 minor resistance will turn bias back to the upside for rebound.
In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is no clear indication of trend reversal yet. Break of 105.98 support could 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.
