Daily Pivots: (S1) 150.69; (P) 151.22; (R1) 152.18; More…

Intraday bias in USD/JPY stays neutral as consolidation from 151.82 temporary top might extend. But further rally is expected as long as 55 4H EMA (now at 149.91) 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) 111.97; (P) 112.29; (R1) 112.61; More…

Outlook in USD/JPY remains mixed with neutral intraday bias. On the upside, above 113.08 will extend the rebound from 110.83 to retest 114.73 key resistance. Decisive break there will extend the rally from 107.31 to retest 118.65 high. On the downside, break of 110.83 will resume the decline from 114.73 instead. But in that case, we’ll look for bottoming again below 61.8% retracement of 107.31 to 114.73 at 110.14.

In the bigger picture, we’re holding on to the view that correction from 118.65 is completed a 107.31. And medium term rise from 98.97 (2016 low) is resuming. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this will and extend the medium term fall back to 98.97 low.

Daily Pivots: (S1) 112.01; (P) 112.41; (R1) 112.85; More…

Intraday bias in USD/JPY remains on the downside for the moment. A short term top should be in place at 113.43, on bearish divergence condition in 4 hour MACD. Also, the pair is rejected by medium term channel resistance. Deeper fall would be seen to downside for 55 day EMA (now at 111.32) first. Sustained break there will bring retest of 107.31. For now, risk will stays on the downside as long as 113.43 resistance holds.

In the bigger picture, rise from 98.97 (2016 low) is seen as the second leg of the corrective pattern from 125.85 (2015 high). It’s unclear whether this this second leg has completed at 118.65 or not. But medium term outlook will be mildly bearish as long as 114.49 resistance holds. And, there is prospect of breaking 98.97 ahead. Meanwhile, break of 114.49 will bring retest of 125.85 high. But even in that case, we don’t expect a break there on first attempt.

Daily Pivots: (S1) 144.74; (P) 145.47; (R1) 146.19; More…

Intraday bias in USD/JPY remains on the downside at this point. Current fall from 151.89 is in progress for next fibonacci level at 136.63. On the upside, above 142.91 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 146.58 resistance to bring another decline.

In the bigger picture, current fall from 151.89 is seen as the third leg of the corrective pattern from 151.93 (2022 high). Deeper decline would be seen to 61.8% retracement of 127.20 to 151.89 at 136.63, sustained break there will pave the way to 127.20 support (2022 low). This will now remain the favored as long as 146.58 resistance holds.

Daily Pivots: (S1) 107.88; (P) 108.32; (R1) 109.13; More..

Intraday bias in USD/JPY remains on the upside at this point. Rise from 105.98 is in progress for 109.38 resistance first. Corrective fall from 111.71 should have completed at 105.98 already. Break of 109.38 will target a test on 111.71 high. On the downside, break of 107.08 support will turn bias back to the downside for retesting 105.98 low instead.

In the bigger picture, at this point, whole decline from 118.65 (Dec 2016) continues to display a corrective look, with well channeling. There is no clear sign of completion yet. Break of 101.18 will target 98.97 (2016 low). Meanwhile, sustained break of 112.22 should confirm completion of the decline and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 111.74; (P) 112.00; (R1) 112.49; More…

USD/JPY’s rally continues today and hit as high as 112.74 so far. Intraday bias stays on the upside. Current up trend from 102.58 should target 61.8% projection of 102.58 to 111.65 from 109.11 at 114.71 next. On the downside, below 112.12 minor support will turn intraday bias neutral and bring consolidation. But retreat should be contained above 110.81 support to bring another rally.

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 108.71 support hold, even in case of pull back.

Daily Pivots: (S1) 146.97; (P) 147.23; (R1) 147.57; More…

USD/JPY’s fall from 151.89 resumed by breaking through 146.22 today. Intraday bias is back on the downside for 145.06 key support. Decisive break there will carry larger bearish implication and target 142.45 fibonacci level next. On the upside, break of 147.49 minor resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, rise from 127.20 (2023 low) is seen as the second leg of the pattern from 151.93 (2022 high). Decisive break of 145.06 resistance turned support will confirm that this second leg has completed, after rejection by 151.93. Deeper fall would be seen through 38.2% retracement of 127.20 to 151.89 at 142.45 to 61.8% retracement at 136.63. Nevertheless strong bounce from 145.06 will retain medium term bullishness for another test on 151.93 at a later stage.

USD/JPY rose to 110.32 last week but dropped sharply since then. Initial bias remains neutral this week first, with immediate focus on 109.32 support. Break there will argue that choppy rebound from 107.47 has completed. Intraday bias will be turned back to the downside for 108.55 support, and then 107.47. On the upside, above 110.32 will resume the rebound to retest 110.95 high instead.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. Though, as notable support was seen from 55 day EMA, rise from 102.58 is mildly in favor to extend higher. Decisive break of 111.71/112.22 resistance will suggest medium term bullish reversal. Rise from 101.18 could then target 118.65 resistance (Dec 2016) and above.

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 pattern 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) 105.45; (P) 105.72; (R1) 106.27; More..

Intraday bias in USD/JPY remains on the upside at this point. Rise from 102.58 is seen as at least correcting the down trend from 111.71 to 102.58, with prospect of being an up trend of its own. Sustained break of 38.2% retracement of 111.71 to 102.58 will pave the way to 61.8% retracement at 108.22. On the downside, break of 105.62 minor support 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 (Dec. 2016), and there is no clear indication of trend reversal yet. Though, sustained trading above 55 week EMA (now at 105.90) will be the first sign of reversal and turn focus to channel resistance (now at 110.23).

Daily Pivots: (S1) 109.44; (P) 109.54; (R1) 109.67; More..

USD/JPY drops notably after being rejection by 109.72 resistance, but stays in consolidation from there. 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) 110.68; (P) 110.96; (R1) 111.33; More…

USDJPY spiked higher to 111.23 but couldn’t sustain above 111.13 resistance and retreated. Intraday bias remains neutral at this point. On the downside, break of 110.25 minor support will suggest rejection by 61.8% retracement of 114.54 to 104.69 at 110.77 and the rebound from 104.69 has likely completed. Intraday bias will be turned back to the downside for 108.49 support for confirmation. Nevertheless, firm break of 111.23 should confirm resumption of rise from 104.69 for 114.54 resistance.

In the bigger picture, while the rebound from 104.69 was stronger than expected, it’s struggle to get rid of 55 day EMA completely. Outlook is turned mixed first. On the downside, break of 108.49 support will revive that case that such rebound was a correction. And, larger down trend is still in progress for another low below 104.62. But sustained trading above 55 day EMA will turn focus to 114.54. Decisive break there will confirmation completion of the decline from 118.65 (2016 high).

Daily Pivots: (S1) 157.76; (P) 157.94; (R1) 158.27; More…

Intraday bias in USD/JPY is back on the upside with break of 158.25 temporary top. Choppy rise from 151.86 has resumed and is now targeting a retest on 160.20 high. But upside should be limited there, at least on first attempt. On the downside, below 157.59 minor support will turn intraday bias neutral first.

In the bigger picture, price actions from 160.20 medium term top are seen as a corrective pattern to rise from 150.25 only. Another rally is still expected at a later stage through 160.02 to resume the larger up trend. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.

Daily Pivots: (S1) 140.79; (P) 141.52; (R1) 141.94; More…

Intraday bias in USD/JPY stays neutral at this point. With 142.45 minor resistance intact, further decline is in favor. Break of 139.63 minor support will bring retest of 137.66 low first. Break there will resume the decline from 151.93, to 133.07 fibonacci level, as a correction to the larger up trend. Nevertheless, firm break of 142.45 will turn bias back to the upside for stronger rebound to 55 day EMA (now at 143.32) and above.

In the bigger picture, a medium term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for bearish trend reversal. But even as a corrective move, such decline should target 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55 week EMA (now at 130.28).

Daily Pivots: (S1) 110.90; (P) 111.07; (R1) 111.30; More…

Intraday bias in USD/JPY remains neutral as it’s still bounded in range of 110.37/111.82. On the upside, break of 111.73 minor resistance will resume the rebound from 109.76. In that case, intraday bias will be turned back to the upside for retesting 113.17 high. Decisive break there will resume larger rally from 104.62. On the downside, below 110.37 will bring deeper fall. But strong support is expected from 38.2% retracement of 104.62 to 113.17 at 109.90 to contain downside and bring rebound.

In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.36 support holds. However, decisive break of 109.36 will mix up the outlook again. And deeper fall should be seen back to 61.8% retracement of 104.62 to 113.17 at 107.88 and below.

Daily Pivots: (S1) 105.45; (P) 105.72; (R1) 106.27; More..

USD/JPY’s rebound from 102.58 resumed by breaking 105.76 and hits as high as 106.21 so far. Intraday bias is back on the upside. Such rally is seen as at least correcting the down trend from 111.71 to 102.58, with prospect of being an up trend of its own. Sustained break of 38.2% retracement of 111.71 to 102.58 will pave the way to 61.8% retracement at 108.22. In any case, outlook will remain bullish as long as 104.40 support holds.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016), and there is no clear indication of trend reversal yet. Though, sustained trading above 55 week EMA (now at 105.90) will be the first sign of reversal and turn focus to channel resistance (now at 110.23).

Daily Pivots: (S1) 109.74; (P) 109.91; (R1) 110.15; More…

Range trading continues in USD/JPY and intraday bias remains neutral first. On the upside, above 110.44 will turn bias back to the upside for 110.79, and then 111.65 high. On the downside, break of 109.10 will argue that larger fall from 111.65 is resuming. Deeper decline should then be seen to 108.71 support first, and then 38.2% retracement of 102.58 to 111.65 at 108.18 next.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. Nevertheless, strong break of 111.71 resistance will confirm completion of the corrective decline from 118.65 (2016 high). Further rise should then be seen to 114.54 and then 118.65 resistance.

Daily Pivots: (S1) 132.27; (P) 133.47; (R1) 134.44; More…

Intraday bias in USD/JPY stays on the downside as fall from 139.37 is still in progress. Deeper decline should be seen to 131.34 resistance turned support and below. But strong support is expected above 126.35 to contain downside, at least on first attempt, to bring rebound. On the upside, above 134.58 minor resistance will turn intraday bias neutral first, and bring some consolidations.

In the bigger picture, a medium term top should be in place at 139.37, on bearish divergence condition in daily MACD. Fall from there could be correcting whole 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 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.

Daily Pivots: (S1) 105.43; (P) 105.79; (R1) 106.48; More...

Intraday bias in USD/JPY is mildly on the upside at this point. Break of 107.05 will revive the case of near term reversal and bring stronger rally. On the downside, break of 105.10 will target a test on 104.18. Break there will resume whole decline from 111.71.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016). Hence, there is no clear indication of trend reversal yet. The down trend could still extend 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) 115.26; (P) 115.36; (R1) 115.48; More…

Intraday bias in USD/JPY is turned neutral with current retreat. Further rally will be expected as long as 113.57 support holds. Break of 115.51 temporary top will resume larger up trend to 100% projection of 102.58 to 111.65 from 109.11 at 118.18 next. However, break of 113.57 will indicate that larger correction is underway, and targets 112.71 support 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 118.65 high. This will now be the preferred case as long as 111.65 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 108.85; (P) 109.10; (R1) 109.38; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Consolidation from 110.02 is extending and deeper fall could be seen through 108.64. But downside should be contained by 38.2% retracement of 104.62 to 110.02 at 107.95 to bring rally resumption. On the upside, break of 110.02 will resume the rise from 104.62 to 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 107.95) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 55 day EMA will dampen this bullish view and turn focus back to 104.62 low instead.