• USD/JPY is currently trading around 104.60 marks.
   
• It made intraday high at 104.84 and low at 104.41 levels.
   
• Intraday bias remains slightly neutral for the moment. 
   
• Today Japan released trade balance data with positive numbers at ¥270 billion, wider than a surplus of ¥130 billion expected for May. Exports dropped 11.3%, more than the 10.4% year-on-year fall seen and imports came in as expected, down 13.8% year-on-year.
   
• A daily close above 105.19 is required to take the parity higher towards key resistances around 106.12, 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
   
• Alternatively, a sustained close below 104.00 will drag the parity down towards key supports at 103.54, 102.10 and 101.56 levels respectively.
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.