Daily Pivots: (S1) 105.32; (P) 105.51; (R1) 105.72; More...
Intraday bias in USD/JPY stays neutral at this point. Further rise is mildly in favor as long as 105.20 minor support holds. On the upside, break of 106.47 will re-affirm the case of near term reversal. That is, corrective decline from 111.71 has completed with three waves down to 104.18. In this case, further rise should be seen to 108.16 resistance next. However, on the downside, break of 105.20 minor support will suggest completion of rebound from 104.18. Intraday bias will be turned back to retest this low.
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.
