Daily Pivots: (S1) 105.52; (P) 105.86; (R1) 106.08; More...
Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed below signal line. Further rise is mildly in favor as long as 105.20 minor support intact. Corrective decline from 111.71 could have completed with three waves down to 104.18, just missed 100% projection of 111.71 to 105.98 from 109.85 at 104.12. Break of 106.47 will target 108.16 resistance and above. However, break of 105.20 minor support will turn focus back to 104.18 low instead.
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. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.
