Daily Pivots: (S1) 154.18; (P) 154.43; (R1) 154.90; More…

USD/JPY’s correction from 154.77 extended lower to 153.58 but recovered just ahead of 55 4H EMA (now at 153.56). Intraday bias remains neutral first. On the upside, break of 154.77 will resume larger up trend. But considering divergence condition in 4H MACD upside should be limited by 155.20 fibonacci projection level. On the downside, below 153.58 will turn bias to the downside for deeper pullback.

In the bigger picture, current rise from 140.25 is seen as the third leg of the up trend from 127.20 (2023 low). Next target is 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. Outlook will now remain bullish as long as 146.47 support holds, even in case of deep pullback.

Daily Pivots: (S1) 150.71; (P) 151.26; (R1) 151.80; More…

Intraday bias in USD/JPY remains neutral as consolidations continue below 151.82 temporary top. Further rise is expected as long as 55 4H EMA (now at 149.63) holds. On the upside, decisive break of 151.93 key resistance will confirm long term up trend resumption. Next near term target will be 61.8% projection of 140.25 to 150.87 from 146.47 at 153.03. However, sustained trading below 55 4H EMA will bring deeper fall back to 146.47 support instead.

In the bigger picture, correction from 151.87 (2023) high could have completed at 140.25 already. Rise from 127.20 (2023 low), as part of the long term up trend, is probably ready to resume. Decisive break of 151.93 resistance (2022 high) will confirm this bullish case. Next medium term target will be 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. This will remain the favored case as long as 146.47 support holds, in case of another pullback.

Daily Pivots: (S1) 110.94; (P) 111.20; (R1) 111.41; More…

USD/JPY is staying in consolidation from 112.13 and intraday bias remains neutral. As long as 110.35 support holds, near term outlook remains bullish and rise from 104.69 is still in favor to resume. On the upside, break of 112.13 will target 114.54 resistance next. However, firm break of 110.35 should confirm near term reversal and turn outlook bearish for 108.49 support and below.

In the bigger picture, strong rebound from 104.69 argues that decline from 118.65 (2016 high) has completed with three waves down to 104.69, after failing 104.62. More importantly, the rise from 98.97 (2016 low) could be resuming. Decisive break of 114.54 resistance will add more credence to this bullish case and target 118.65. This will now be the favored case as long as 110.35 support holds. However, firm break of 110.35 will mix up the medium term outlook again and turn focus back to 104.69 low.

Daily Pivots: (S1) 147.28; (P) 148.34; (R1) 149.08; More…

Intraday bias in USD/JPY remains on the downside for 38.2% retracement of 140.25 to 150.87 at 146.81. Sustained break of there will argue that fall from 150.87 is reversing the whole rally from 140.25. In this case, deeper decline would be seen to 61.8% retracement at 144.30 and below. Nevertheless, strong support from 146.81, followed by break of 149.20 resistance, will argue that fall from 150.87 is merely a correction, which has completed already.

In the bigger picture, outlook is mixed up as fall from 150.87 accelerates lower. Sustained trading below 55 D EMA (now at 148.45) will open up the case that corrective pattern from 151.89 (2023 high) is extending, with fall from 150.87 as the third leg. In this case, deeper decline would be seen to 140.25 support or below. Nevertheless, strong bounce from 55 D EMA will retain near term bullishness for at least another take on 151.89.

Daily Pivots: (S1) 149.37; (P) 149.61; (R1) 150.05; More…

Intraday bias in USD/JPY remains neutral as range trading continues. On the downside, below 148.24 minor support will turn bias to the downside for another down leg through 147.28. On the upside, firm break of 150.15 will resume larger up trend to test 151.93 high.

In the bigger picture, while rise from 127.20 is strong, it could still be seen as the second leg of the corrective pattern from 151.93 (2022 high). Rejection by 151.93, followed by sustained break of 145.06 resistance turned support will be the first sign that the third leg of the pattern has started. However, sustained break of 151.93 will confirm resumption of long term up trend.

Daily Pivots: (S1) 128.41; (P) 129.51; (R1) 130.67; More…

Intraday bias in USD/JPY remains neutral at this point. On the downside, break of 127.20 will resume the whole decline from 151.93 and target 121.43 fibonacci level. Nevertheless, on the upside, break of 131.56 should confirm short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, the break of 55 week EMA (now at 131.47) raises the chance of medium term bearish reversal, but that’s not confirmed yet. Strong support could be seen around 61.8% retracement of 102.58 to 151.93 at 121.43 and 38.2% retracement of 75.56 to 151.93 at 122.75 to bring rebound. But break of 131.56 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

Daily Pivots: (S1) 113.22; (P) 113.52; (R1) 113.75; More…

Range trading continues in USD/JPY and intraday bias remains neutral. On the downside, sustained break of 112.71 will argue that it’s already correcting whole rise from 102.58. Deeper fall would be seen to 38.2% retracement of 102.58 to 115.51 at 110.57. On the upside, break of 113.94 minor resistance will turn bias back to the upside for retesting 115.51 high instead.

In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high) on resumption. However, firm break of 109.11 structural support will argue that the trend might have reversed and bring deeper fall to 107.47 support and possibly below.

Daily Pivots: (S1) 135.80; (P) 136.76; (R1) 137.70; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Overall, price actions from 139.37 are seen as a corrective pattern, with rise from 130.38 has the second leg. Above 137.70 will extend the rebound but upside should be limited by 139.37. On the downside, firm break of 135.57 will suggest that the third leg of the pattern has started, and turn intraday bias back to the downside for 131.72 support first.

In the bigger picture, price actions from 139.37 medium term top are seen as a corrective pattern to up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 123.21) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.

Daily Pivots: (S1) 109.60; (P) 109.82; (R1) 110.18; More…

USD/JPY’s fall resumes after brief consolidation and intraday bias is back on the downside. Firm break of 109.71 confirmed completion of rebound from 104.69, on bearish divergence condition in daily MACD. Deeper decline should now be seen back to retest 104.69 low. On the downside, break of 110.04 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

In the bigger picture, USD/JPY is staying inside falling channel from 118.65. Currently development suggests that rebound from 104.69 is only a corrective move. And fall from 118.65 is not completed yet. Decisive break of 104.69 will extend the down trend towards 98.97 support (2016 low). For now, we’d expect strong support above there to bring rebound.

Daily Pivots: (S1) 108.59; (P) 109.00; (R1) 109.38; More…

Intraday bias in USD/JPY remains neutral for consolidation above 108.59 temporary low. Overall outlook stays bearish as long as 110.94 resistance holds. Below 108.59 will target a test on 108.12 low. Whole corrective decline from 118.65 is possibly resuming and break of 108.12 will target 61.8% retracement of 98.97 to 118.65 at 106.48.

In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it’s uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it’s a leg in the consolidation from 125.85. Hence, we’ll be cautious on topping as it approaches 125.85. If fall from 118.65 extends lower, downside should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

Daily Pivots: (S1) 113.21; (P) 113.71; (R1) 113.99; More…

No change in USD/JPY’s outlook as pull back from 114.69 could extend lower. But downside should be contained above 112.07 resistance turned support to bring rise resumption. On the upside, firm break of 114.69 will resume the larger up trend to 100% projection of 102.58 to 111.65 from 109.11 at 118.18 next.

In the bigger picture, corrective decline from 118.65 (2016 high) should have completed at 101.18 already. Rise from the 102.58 is seen as the third leg of the up trend from 101.18. Next target is 114.54 resistance and then 118.65 high. This will now be the preferred case as long as 109.11 support hold, even in case of deep pull back.

Daily Pivots: (S1) 0.9072; (P) 0.9106; (R1) 0.9151; More…

Intraday bias in USD/CHF remains neutral for consolidations first. Further fall is still expected with 0.9197 resistance intact. Break 0.9009 will resume larger down trend. However, considering bullish convergence condition in 4 hour MACD, break of 0.9197 should confirm short term bottoming and turn bias back to the upside for rebound to 55 day EMA (now at 9290).

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Sustain trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.

Daily Pivots: (S1) 138.41; (P) 139.32; (R1) 139.82; More…

USD/JPY is still bounded in consolidation from 140.90 and intraday bias stays neutral first. With 138.22 minor support intact, further rally is expected. On the upside, break of 140.90 will resume larger rise from 127.20 to 142.48 fibonacci level. However, considering bearish divergence condition in 4 hour MACD, break of 138.22 will confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 136.70).

In the bigger picture, rise from 127.20 is seen as the second leg of the corrective pattern from 151.93 high. Stronger rally would be seen to 61.8% retracement of 151.93 to 127.20 at 136.34. Sustained break there will pave the way back to retest 151.93. On the downside, however, break of 133.73 support will argue that the pattern could have started the third leg through 127.20 low.

Daily Pivots: (S1) 131.81; (P) 132.17; (R1) 132.83; More…

Intraday bias in USD/JPY stays neutral and outlook is unchanged. Immediate focus remains on 55 week EMA (now at 131.76). Decisive break there will pave the way to next fibonacci level at 121.43. On the upside, above 133.61 support turned resistance will turn intraday bias back to the upside for 138.16 resistance.

In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.76) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.

Daily Pivots: (S1) 138.19; (P) 139.07; (R1) 139.68; More…

Intraday bias in USD/JPY remains neutral as range trading continues. Downside of retreat should be contained above 138.22 support to bring another rally. Break of 140.90 will resume larger rise from 127.20 to 142.48 fibonacci level. However, considering bearish divergence condition in 4 hour MACD, break of 138.22 will confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 135.98).

In the bigger picture, rise from 127.20 is seen as the second leg of the corrective pattern from 151.93 high. Stronger rally would be seen to 61.8% retracement of 151.93 to 127.20 at 136.34. Sustained break there will pave the way back to retest 151.93. On the downside, however, break of 133.73 support will argue that the pattern could have started the third leg through 127.20 low.

Daily Pivots: (S1) 109.05; (P) 109.27; (R1) 109.45; More…

A temporary top is in place at 109.48 in USD/JPY with retreat today. Intraday bias is turned neutral first. Further rally is expected as long as 108.64 support holds. On the upside, break of 109.48 will resume the rise from 104.45 to 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, break of 108.64 will turn focus back to 107.88 support.

In the bigger picture, strong support was seen from 104.62 again. Yet, there is no confirmation of medium term reversal. Corrective decline from 118.65 (Dec. 2016) could still extend lower. But in that case, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound. Meanwhile, on the upside, break of 112.40 key resistance will be a strong sign of start of medium term up trend.

Daily Pivots: (S1) 134.07; (P) 134.60; (R1) 135.24; More…

Intraday bias in USD/JPY remains on the upside for the moment. Rally from 129.62 is still in progress and further rise should be seen towards 137.90 resistance. On the downside, below 133.85 minor support will turn intraday bias neutral again. But further rally will remain in favor as long as 132.03 support holds.

In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.

Daily Pivots: (S1) 106.79; (P) 107.34; (R1) 107.68; More..

No change in USD/JPY’s outlook and intraday bias stays on the downside. Fall from 109.85 is in progress for 105.98 support and below. At this point, the pattern from 111.71 is seen as a correction. We’d expect strong support from 61.8% retracement of 101.18 to 111.71 at 105.20 to contain downside to bring rebound. On the upside, above 107.87 minor resistance will turn intraday bias neutral first.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is no clear indication of trend reversal yet. Break of 105.98 support could extend the down trend through 101.18 low. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 109.21; (P) 109.54; (R1) 109.80; More..

Intraday bias in USD/JPY remains on the downside. Fall from 110.28 should target 55 day EMA (now at 109.15). break will put focus on 107.65 key support. On the upside, break of 109.76 minor resistance will turn bias back to the upside for retesting 110.28 high instead.

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.

Daily Pivots: (S1) 109.09; (P) 109.27; (R1) 109.49; More…

USD/JPY edged higher to 109.53 but quickly retreated back to established range. Also, 4 hour MACD is staying below signal line. Intraday bias remains neutral first. Deeper retreat cannot be ruled out. But downside should be contained by 107.77 resistance turned support to bring another rally. Above 109.53 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).