USD/JPY: the trend is not defined

Current trend
The Japanese yen is still trading flat in the short and medium term. Despite the publication of strong macro-economic statistics during Asian session of October, 24^th, market activity remains low, and the players are in no hurry to sell the dollar amid growing expectations of rising interest rates in the US before the end of this year.
The data on the trade balance for September supported the yen a little bit. Exports in September fell by 6.9% YoY comparing to the decline of 9.6% YoY last month. Statistics came out much better than analysts' expectations, who were prepared for the negative dynamics (-10.4% YoY). Imports for the same period decreased by 16.3% YoY, which was better than the data in August (-17.3% YoY) and the expectations of experts (-16.6% YoY). Such statistics on imports and exports led to a greater increase in surplus of trade balance of the country. In September the index reached 498.3 billion yen, while analysts expected only 341.8 billion. Last month, we recall, the trade balance remained in deficit at the level of -18.7 billion yen.
Positive stats on Nikkei index of the PMI in the manufacturing sector has also been released today. According to preliminary data, the index rose in October from 50.4 to 51.7 points, which was slightly better than analysts' forecasts.
Support and resistance
Resistance: 104.00 (nearest level), 104.19 (maximum of 21^st of October), 104.63 (maximum of 13^th of October) and 105.00.
Support: 103.64 (the level was actively tested on Friday, 21 October), 103.23, 103.00, 102.80 (minimum of 10^th of October), 102.45, 102.26, 102.00, 101.83, 101.50, 101.20.
The indicator "Bollinger Bands" on the daily chart shows a smooth turn the sideways movement. The price range is quite narrow, reflecting the inactiveness of last days. It is recommended to stick to channel trading strategy to clarify the situation.
The MACD indicator is moving downwards, maintaining a weak sell signal (the histogram is below the signal line). It is recommended to keep the existing short positions in the short and very short-term, while the opening of new deals is better to avoid.
Oscillator "Stochastic" is growing rapidly, approaching the border of the overbought area. Current readings of the indicator are poorly correlated with the actual dynamics of the market, so you should wait for more accurate trading recommendations.
Trading tips
Short positions can be opened after the price breaks down the level of 103.50 with the target in the area of ​​103.00, 102.80 and stop loss at 103.80.

Long positions should be placed around 104.00  with targets at 103.00/102.80 and stop loss at 104.50. Implementation period of 2-3 days.