Daily Pivots: (S1) 109.44; (P) 109.56; (R1) 109.79; More..

Intraday bias in USD/JPY remains neutral at this point and consolidation from 109.72 might extend. Still, 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) 105.32; (P) 105.59; (R1) 105.87; More...

Intraday bias in USD/JPY remains neutral first. Further rise is mildly in favor as long as 105.20 minor support holds. On the upside, break of 106.47 will re-affirm the case of near term reversal. That is, corrective decline from 111.71 has completed with three waves down to 104.18. In this case, further rise should be seen to 108.16 resistance next. However, on the downside, break of 105.20 minor support will suggest completion of rebound from 104.18. Intraday bias will be turned back to retest this low.

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) 109.85; (P) 110.44; (R1) 110.82; More…

At this point, USD/JPY still cannot sustain above 110.66 resistance yet. Intraday bias remains neutral first. Decisive break of 110.66 will confirm short term bottoming and turn bias back to the upside for 114.49 resistance. However, break of 109.29 will retain bearishness and turn bias back to the downside for 107.31.

In the bigger picture, rise from 98.97 (2016 low) is now 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) 107.63; (P) 108.06; (R1) 108.34; More…

USD/JPY is still holding above 107.56 minor support and intraday bias remains neutral at this point. Also, with 108.80 resistance intact, outlook remains bearish. On the downside, firm break of 107.56 minor support will bring retest of 106.78 low. Break there will extend recent fall from 112.40 to 104.69 low. Nevertheless, sustained break of 108.80 will confirm short term bottoming at 106.78. In this case, stronger rise should be seen back to 110.67 resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress, with the pair staying inside long term falling channel. Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51. For now, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound. In any case, break of 112.40 is needed to the first serious sign of medium term bullishness. Otherwise, further decline will remain in favor in case of rebound.

Daily Pivots: (S1) 146.61; (P) 146.92; (R1) 147.40; More…

Intraday bias in USD/JPY stays neutral for the moment. Consolidation from 147.88 could extend further. While deeper pullback cannot be ruled out, outlook remains bullish with 144.43 support intact. On the upside, above 147.88 will resume larger rise from 127.20, to retest 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 break of 137.22 support will indicate 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) 110.14; (P) 110.42; (R1) 110.90; More…

No change in USD/JPY’s outlook and intraday bias stays neutral. On the upside, break of 110.95 minor resistance will argue that the pull back from 112.13 has completed at 109.17. In this case, intraday bias will be turned back to the upside for retesting 112.13. On the downside, below 109.71 will resume the fall from 112.13 to 38.2% retracement of 104.69 to 112.13 at 109.28. Break of 109.28 will target 61.8% retracement at 107.53 next.

In the bigger picture, while the rebound from 104.69 was strong, USD/JPY failed to sustain above 55 week EMA (now at 110.91), and was kept well below 114.54 resistance. Medium term outlook is turned mixed and we’ll wait for the structure of the fall from 112.13 to unveil to make an assessment later. For now, more range trading is expected between 104.69 and 112.13 first.

Daily Pivots: (S1) 105.02; (P) 105.35; (R1) 105.54; More..

USD/JPY is holding above 104.39 resistance turned support and intraday bias remains neutral first. Another rise is still in favor. On the upside, break of 105.76 will resume the rebound from 102.58, for 38.2% retracement of 111.71 to 102.58 at 106.06. However, decisive break of 104.39 will indicate that the rebound has completed, and bring retest of 102.58 low.

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 110.31).

Daily Pivots: (S1) 108.80; (P) 109.28; (R1) 109.53; More…

USD/JPY’s correction from 110.95 resumes by breaking 108.99. Intraday bias is back on the downside for 108.40 and below. We’d expect strong support from 38.2% retracement of 102.58 to 110.95 at 107.75 to bring rebound. On the upside, above 109.95 will bring retest of 110.95 high.

In the bigger picture, current development suggests that the corrective down trend from 118.65 (Dec 2016) has completed at 101.18. Firm break of 112.22 resistance should confirms this bullish case. A medium term up trend could then has started for 100% projection of 101.18 to 111.71 from 102.58 at 113.11 and then 161.8% projection at 119.61. However, rejection by 111.71, followed by sustained trading below 55 day EMA (now at 107.74), will dampen the bullish view and keep medium term outlook neutral first.

Daily Pivots: (S1) 154.76; (P) 155.22; (R1) 155.96; More…

Intraday bias in USD/JPY remains mildly on the upside as this point. Rebound from 151.86 is seen as the second leg of the corrective pattern from 160.20 high. Further rise would be seen to 157.98 resistance. On the downside, below 154.23 minor support will turn intraday bias neutral.

In the bigger picture, a medium term top might be formed at 160.20. But as long as 150.87 resistance turned support holds, fall from there is seen as correcting rise from 150.25 only. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.

Daily Pivots: (S1) 106.55; (P) 106.81; (R1) 106.98; More...

USD/JPY is staying in range trading and intraday bias remains neutral first. On the upside, break of 108.04 resistance will suggest completion of correction from 111.71. Intraday bias will be turned back to the upside for 109.38 resistance and above. On the downside, break of 106.35 will target 100% projection of 111.71 to 106.91 from 109.38 at 104.58. Reactions from there could reveal whether fall from 111.71 is corrective or impulsive.

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) 142.52; (P) 143.03; (R1) 143.86; More…

Despite today’s retreat, intraday bias in USD/JPY stays on the upside with 141.99 minor support intact. Further rise should be seen to retest145.60 resistance first. Decisive break there will resume whole rally from 172.20. Next target is 61.8% projection of 129.62 to 145.06 from 137.22 at 146.76. On the downside, below 141.99 minor support will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.

Daily Pivots: (S1) 108.60; (P) 108.87; (R1) 109.09; More..

Intraday bias in USD/JPY remains neutral with focus on 108.64 minor support. Firm break there will suggest short term topping at 109.48. Rebound from 104.45 could have completed on bearish divergence condition in 4 hour and daily MACD, after failing to sustain above 109.31 key resistance. Intraday bias will be turned back to the downside for 107.88 support. 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.

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) 108.73; (P) 109.01; (R1) 109.18; More…

Intraday bias in USD/JPY remains as range trading continues. Further rise is mildly in favor for now. Break of 109.77 will resume the rebound from 107.47 to retest 110.95 high. On the downside, break of 108.34 will turn bias back to the downside for 107.47 support and below instead.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. We’d monitor the structure of the fall from 110.95, to assess whether it’s just correction to rise from 102.58 to 110.95, or a leg of a range pattern between 101.18 and 111.71, or starting another leg of the long term down trend.

Daily Pivots: (S1) 112.81; (P) 113.18; (R1) 113.88; More…

USD/JPY’s rebound from 107.31 continues today and intraday bias remains on the upside for 114.49 resistance. As noted before, correction pattern from 118.65 could have completed at 107.31 already. Decisive of 114.49 resistance should confirm this bullish case and target 118.65 resistance and above. For now, this will be the preferred case as long as 111.64 support holds.

In the bigger picture, medium term rise from 98.97 (2016 low) is not completed yet. It should resume after corrective fall from 118.65 completed. Break of 114.49 resistance will likely resume the rise to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47 first. Firm break there will pave the way to 100% projection at 126.99. This will be the key level to decide whether long term up trend is resuming.

Daily Pivots: (S1) 107.61; (P) 107.70; (R1) 107.81; More..

USD/JPY is staying in tight range below 108.08 temporary top and intraday bias remains neutral. We’re still favoring the case that corrective fall from 111.71 has already completed at 105.98. Further rise should be seen and break of 108.08 will turn bias to the upside for 109.38 resistance. However, break of 106.74 support will dampen our bullish view and turn bias to the downside for 105.98 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) 109.65; (P) 109.92; (R1) 110.34; More…

Intraday bias in USD/JPY remains neutral for consolidation above 109.02 temporary low. Stronger recovery cannot ruled out. But upside should be limited by 55 day EMA (now at 110.85) to bring another fall. On the downside, break of 109.02 will extend the decline from 112.40 to retest 104.69 low.

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) 106.74; (P) 106.95; (R1) 107.21; More..

Intraday bias in USD/JPY remains on the upside at this point. Current rally from 102.58 should target 61.8% retracement of 111.71 to 102.58 at 108.22. On the downside, below 106.66 minor support will turn intraday bias neutral again and bring consolidations. But still, outlook will stay bullish as long as 104.91 support holds, in case of another pull back.

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 110.02).

Daily Pivots: (S1) 106.52; (P) 107.53; (R1) 108.11; More..

USD/JPY’s fall resumed after brief consolidation and hits as low as 106.48 so far. Intraday bias is back on the downside. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Fall from 112.22 should target a test on 104.45 low. On the upside, above 108.57 minor resistance will turn bias neutral and bring consolidations, before staging another fall.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

Daily Pivots: (S1) 107.61; (P) 107.70; (R1) 107.81; More..

USD/JPY drew support from 4 hour 55 EMA and recovers but stays below 108.08 temporary top. Intraday bias remains neutral first. We’re still favoring the case that corrective fall from 111.71 has already completed at 105.98. Further rise should be seen and break of 108.08 will turn bias to the upside for 109.38 resistance. However, break of 106.74 support will dampen our bullish view and turn bias to the downside for 105.98 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) 105.40; (P) 105.57; (R1) 105.72; More...

Intraday bias in USD/JPY remains neutral with focus on 104.92 support. Firm break there will indicate that rebound from 104.00 has completed. Intraday bias will be turned back to the downside for 104.00. Break there will resume larger down trend from 111.71. On the upside, though, break of 105.80 resistance will resume rebound from 104.00 to 106.94 resistance, to confirm completion of the near term down trend.

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 resistance should confirm completion of the down trend and turn outlook bullish for 118.65 and above.