Despite last week’s strong rally, USD/JPY failed to break through 109.72 so far. A temporary top should be in place and initial bias is turned neutral this week first. On the upside, decisive break of 109.72 will resume whole rise form 104.45 to channel resistance (now at 111.46). On the downside, break of 109.00 minor support will turn bias to the downside for 38.2% retracement of 104.45 to 109.72 at 107.70 holds.

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.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 (2015 high) is viewed as an impulsive move, no change in this view. Price actions from 125.85 are seen as a corrective move which could still extend. In case of deeper fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77. Up trend from 75.56 is expected to resume at a later stage for above 135.20/147.68 resistance zone.

Daily Pivots: (S1) 109.16; (P) 109.37; (R1) 109.73; More..

Intraday bias in USD/JPY remains on the upside as rise from 107.65 is in progress. Sustained break of 109.72 resistance will resume whole rise from 104.45 to channel resistance (now at 111.46). On the downside, below 109.00 minor support will turn intraday bias neutral first. But overall outlook will remain bullish as long as 38.2% retracement of 104.45 to 109.72 at 107.70 holds.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 109.16; (P) 109.37; (R1) 109.73; More..

Intraday bias in USD/JPY remains on the upside at this point. Decisive break of 109.72 resistance will resume whole rise from 104.45 to channel resistance (now at 111.46). On the downside, below 109.00 minor support will turn intraday bias neutral first. But overall outlook will remain bullish as long as 38.2% retracement of 104.45 to 109.72 at 107.70 holds.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 108.11; (P) 108.68; (R1) 109.70; More..

Intraday bias in USD/JPY remains on the upside for 109.72 resistance. Firm break there will resume whole rise from 104.45 to channel resistance (now at 111.51). On the downside, below 109.00 minor support will turn intraday bias neutral first. But overall outlook will remain bullish as long as 38.2% retracement of 104.45 to 109.72 at 107.70 holds.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 108.11; (P) 108.68; (R1) 109.70; More..

USD/JPY rises to as high as 109.28 so far. Break of 108.86 resistance suggests that correction form 109.72 has completed at 107.65 after hitting 38.2% retracement of 104.45 to 109.72 at 107.70. Intraday bias stays on the upside for 109.72 resistance next. Firm break there will resume whole rise from 104.45 to channel resistance (now at 111.51). On the downside, in case of another fall, we’d expect strong support form 107.70 to contain downside.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 108.29; (P) 108.46; (R1) 108.66; More..

USD/JPY’s rebound from 107.65 extends higher in early US session and focus is back on 108.86 resistance. Break should indicate that correction from 109.72 has completed at 107.65, after hitting 38.2% retracement of 104.45 to 109.72 at 107.70. Further rise should then be seen to retest 109.72 high. In case of another fall, we’d still expect strong support form 107.70 to contain downside.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 108.29; (P) 108.46; (R1) 108.66; More..

USD/JPY’s fall to 107.65 invalidates our bullish view and intraday bias is turned neutral first. At this point, we’re still seeing price actions from 109.72 as consolidation pattern. Downside should be contained by 38.2% retracement of 104.45 to 109.72 at 107.70. On the upside, break of 108.86 minor resistance will turn bias to the upside for retesting 109.72 high. However, sustained break of 107.70 will pave the way to 106.48 cluster support (61.8% retracement at 106.46).

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 107.93; (P) 108.22; (R1) 108.66; More..

Intraday bias in USD/JPY remains on the upside at this point. Price actions from 109.72 are merely a corrective pattern, which could have completed at 107.77, ahead of 38.2% retracement of 104.45 to 109.72 at 107.70. Further rise should be seen for 4 hour 55 EMA (now at 108.70). Sustained break will pave the way to retest 109.72 high. On the downside, firm break of 107.70 will pave the way to 106.48 cluster support (61.8% retracement at 106.46).

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 107.93; (P) 108.22; (R1) 108.66; More..

USD/JPY’s break of 108.47 minor resistance suggests temporary bottoming at 107.77, ahead of 38.2% retracement of 104.45 to 109.72 at 107.70. The development also argue that price actions from 109.72 are merely a corrective pattern. Intraday bias is now back on the upside for 4 hour 55 EMA (now at 108.73). Sustained break will pave the way to retest 109.72 high. On the downside, firm break of 107.70 will pave the way to 106.48 cluster support (61.8% retracement at 106.46).

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 107.76; (P) 108.20; (R1) 108.55; More..

Intraday bias in USD/JPY remains on the downside with 108.47 minor resistance intact. Firm break of 38.2% retracement of 104.45 to 109.72 at 107.70 will bring deeper fall to 106.48 cluster support (61.8% retracement at 106.46). On the upside, above 108.47 minor resistance will turn intraday bias neutral and bring recovery. But risk will stay on the downside as long as 109.72 resistance holds.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 107.76; (P) 108.20; (R1) 108.55; More..

With 108.47 minor resistance intact, intraday bias in USD/JPY remains on the downside for 38.2% retracement of 104.45 to 109.72 at 107.70 first. Break will bring deeper fall to 106.48 cluster support (61.8% retracement at 106.46). On the upside, above 108.47 minor resistance will turn intraday bias neutral and bring recovery. But risk will stay on the downside as long as 109.72 resistance holds.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

USD/JPY’s sharp fall last week suggests that choppy rise from 104.45 has completed at 109.72 already. Initial bias stays on the downside this week for 38.2% retracement of 104.45 to 109.72 at 107.70 first. Break will bring deeper fall to 106.48 cluster support (61.8% retracement at 106.46). On the upside, above 108.47 minor resistance will turn intraday bias neutral and bring recovery. But risk will stay on the downside as long as 109.72 resistance holds. .

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 (2015 high) is viewed as an impulsive move, no change in this view. Price actions from 125.85 are seen as a corrective move which could still extend. In case of deeper fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77. Up trend from 75.56 is expected to resume at a later stage for above 135.20/147.68 resistance zone.

Daily Pivots: (S1) 108.21; (P) 108.54; (R1) 108.87; More..

Outlook in USD/JPY remains unchanged. Rebound from 104.45 should have completed at 109.72. Intraday bias remains on the downside for 38.2% retracement of 104.45 to 109.72 at 107.70 first. Break will bring deeper fall to 106.48 cluster support (61.8% retracement at 106.46). On the upside, above 108.47 minor resistance will turn intraday bias neutral first.

In the bigger picture, 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) 108.21; (P) 108.54; (R1) 108.87; More..

Intraday bias in USD/JPY remains on the downside at this point. Rebound from 104.45 should have completed at 109.72. Deeper fall should be seen to 38.2% retracement of 104.45 to 109.72 at 107.70 first. Break will bring deeper fall to 106.48 cluster support (61.8% retracement at 106.46). On the upside, above 108.86 minor resistance will bring retest of 109.72 instead.

In the bigger picture, 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) 107.82; (P) 109.55; (R1) 110.49; More..

USD/JPY’s sharp decline and break of 108.27 support suggests that whole rise from 104.45 has completed with three waves up to 109.72. Intraday bias is now on the downside for 38.2% retracement of 104.45 to 109.72 at 107.70 first. Break will bring deeper fall to 106.48 cluster support (61.8% retracement at 106.46). On the upside, above 108.86 minor resistance will bring retest of 109.72 instead.

In the bigger picture, 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) 107.82; (P) 109.55; (R1) 110.49; More..

Outlook in USD/JPY remains unchanged as consolidation from 109.72 is extending. Intraday bias remains neutral first. As long as 108.27 support holds, further rally is expected. On the upside, break of 109.72 will resume the rise from 104.45 for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, sustained break of 108.27 support will indicate near term reversal and turn outlook bearish. Deeper fall should then be seen to 106.48 support first.

In the bigger picture, 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) 107.82; (P) 109.55; (R1) 110.49; More..

USD/JPY is still staying in range of 108.27/109.72 and intraday bias remains neutral first. As long as 108.27 support holds, outlook remains bullish for further rally. On the upside, break of 109.72 will resume the rise from 104.45 for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, sustained break of 108.27 support will indicate near term reversal and turn outlook bearish. Deeper fall should then be seen to 106.48 support first.

In the bigger picture, 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) 108.60; (P) 109.05; (R1) 109.33; More..

USD/JPY is still staying in range below 109.72 despite current steep decline. Intraday bias remains neutral first. As long as 108.27 support holds, outlook remains bullish for further rally. On the upside, break of 109.72 will resume the rise from 104.45 for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, sustained break of 108.27 support will indicate near term reversal and turn outlook bearish.

In the bigger picture, 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) 109.37; (P) 109.48; (R1) 109.58; More..

Intraday bias in USD/JPY remains neutral for the moment. Sideway consolidation from 109.72 might extend further. But as long as 108.27 support holds, outlook remains bullish for further rally. On the upside, break of 109.72 will resume the rise from 104.45 for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, sustained break of 108.27 support will indicate near term reversal and turn outlook bearish.

In the bigger picture, 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) 109.37; (P) 109.48; (R1) 109.58; More..

USD/JPY is staying in consolidation from 109.72 and intraday bias remains neutral. More sideway trading could be seen. But as long as 108.27 support holds, outlook remains bullish for further rally. On the upside, break of 109.72 will resume the rise from 104.45 for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, sustained break of 108.27 support will indicate near term reversal and turn outlook bearish.

In the bigger picture, 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.