Daily Pivots: (S1) 105.10; (P) 105.58; (R1) 105.87; More...
Intraday bias in USD/JPY remains mildly on the downside at this point. Corrective rise from 104.18 should have completed at 107.05. Deeper fall would be seen for retesting this low. Break there will resume whole decline from 111.71. On the upside, above 106.05 minor resistance will turn focus back to 107.05 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.
