Daily Pivots: (S1) 108.67; (P) 108.88; (R1) 109.17; More..
Intraday bias in USD/JPY remains neutral for the moment. Further decline is still expected as long as 109.65 resistance holds. Break of 108.73 will target 107.65 key support. However, break of 109.65 will turn bias back to the upside for retesting 110.28 high instead.
In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise form 104.45 is seen as a correction and the 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.