Daily Pivots: (S1) 109.80; (P) 109.90; (R1) 110.02; More..
Intraday bias in USD/JPY remains neutral for consolidation below 110.21 temporary top. In case of deeper retreat, downside should be contained by 109.24 minor support to bring rally resumption. On the upside, break of 110.21 will extend whole rise from 104.45 to 100% projection of 106.48 to 109.72 from 107.65 at 110.89 next.
In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). There is no clear indication of trend reversal yet. Hence, rise from 104.45 is seen as a correction and down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.