Daily Pivots: (S1) 110.13; (P) 110.41; (R1) 111.70; More..
Intraday bias in USD/JPY remains on the downside at this point. Prior break of 110.28 resistance turned support raised the chance of near term bearish reversal. Decisive break of 108.30 support will indicate completion of whole rise from 104.45 and turn outlook bearish. On the upside, above 111.04 minor resistance will turn intraday bias back to the upside for 112.22/40 resistance instead.
In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.