Daily Pivots: (S1) 108.38; (P) 108.64; (R1) 109.12; More…

USD/JPY’s rally resumed after brief consolidations. Intraday bias is turned back to the upside. Current rise from 104.45 should target 109.31 key resistance first. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, below 108.15 minor support will turn intraday bias neutral first.

In the bigger picture,strong support was seen from 104.62 again. Yet, there is not 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) 108.11; (P) 108.32; (R1) 108.60; More…

Intraday bias in USD/JPY remains neutral for consolidation below 108.62 temporary top. Downside of retreat should be contained above 106.48 support to bring another rally. On the upside, break of 108.62 will target 109.31 key resistance first. Decisive break there will carry larger bullish implications next target will be 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 not 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) 108.11; (P) 108.32; (R1) 108.60; More…

A temporary top is in place at 108.62 with 4 hour MACD crossed below signal line. Intraday bias in USD/JPY is turned neutral first. Downside of retreat should be contained above 106.48 support to bring another rally. On the upside, break of 108.62 will target 109.31 key resistance first. Decisive break there will carry larger bullish implications next target will be 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 not 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) 107.98; (P) 108.30; (R1) 108.76; More…

No change in USD/JPY’s outlook and intraday bias remains mildly on the upside. Further rise should be seen to 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, below 107.77 minor support will turn intraday bias neutral again.

In the bigger picture,strong support was seen from 104.62 again. Yet, there is not 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) 107.98; (P) 108.30; (R1) 108.76; More…

Intraday bias in USD/JPY remains on the upside as rise from 104.45 is resuming. Further rise should be seen to 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, below 107.77 minor support will turn intraday bias neutral again.

In the bigger picture,strong support was seen from 104.62 again. Yet, there is not 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.

USD/JPY’s rise from 104.45 resumed by breaching 108.47 last week. Initial bias stays on the upside this week for 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, below 107.77 minor support will turn intraday bias neutral again.

In the bigger picture,strong support was seen from 104.62 again. Yet, there is not 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.

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) 107.30; (P) 107.66; (R1) 108.29; More…

Breach of 108.47 resistance indicates resumption of rebound from 104.45. Intraday bias is back on the upside for 109.31 key resistance. decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, below 107.77 minor support will turn intraday bias neutral again.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 107.30; (P) 107.66; (R1) 108.29; More…

Despite strong recovery from 106.48, USD/JPY is limited below 108.47 resistance at this point. Intraday bias stays neutral first. On the downside, break of 106.48 will target a retest on 104.45 low. On the upside, break of 108.47 will resume the rebound from 104.45 for 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 107.07; (P) 107.35; (R1) 107.76; More…

Intraday bias in USD/JPY recovers further today but stays below 108.47 resistance. Intraday bias remains neutral first. on the downside, break of 106.48 will target a retest on 104.45 low. On the upside, break of 108.47 will our bearish view and resume the rebound from 104.45 for 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 107.07; (P) 107.35; (R1) 107.76; More…

Intraday bias in USD/JPY remains neutral while recovery from 106.48 is extending. We’re still favoring the case that corrective recovery from 104.45 has completed at 108.47. Thus, risk will remain on the downside as long as 108.47 resistance holds. On the downside, break of 106.48 will turn bias back to the downside for retesting 104.45 low. On the upside, break of 108.47 will dampen this view and resume the rebound from 104.45 to 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.79; (P) 107.11; (R1) 107.42; More…

Intraday bias in USD/JPY remains neutral for the moment. We’re still favoring the case that corrective recovery from 104.45 has completed at 108.47. Thus, risk will remain on the downside as long as 108.47 resistance holds. On the downside, break of 106.48 will turn bias back to the downside for retesting 104.45 low. On the upside, break of 108.47 will dampen this view and resume the rebound from 104.45 to 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.79; (P) 107.11; (R1) 107.42; More…

No change in USD/JPY’s outlook and intraday bias stays neutral first. We’re still favoring the case that corrective recovery from 104.45 has completed at 108.47. Thus, risk will remain on the downside as long as 108.47 resistance holds. On the downside, break of 106.48 will turn bias back to the downside for retesting 104.45 low. On the upside, break of 108.47 will dampen this view and resume the rebound from 104.45 to 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.79; (P) 107.12; (R1) 107.59; More…

Intraday bias in USD/JPY remains neutral for the moment. At this point, we’re still favoring the case that corrective recovery from 104.45 has completed at 108.47. Thus, risk will remain on the downside as long as 108.47 resistance holds. On the downside, break of 106.48 will turn bias back to the downside for retesting 104.45 low. On the upside, break of 108.47 will dampen this view and resume the rebound from 104.45 to 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.79; (P) 107.12; (R1) 107.59; More…

USD/JPY’s break of 107.29 minor resistance suggests temporary bottoming at 106.48. Intraday bias is turned neutral first. At this point, we’re still favoring the case that corrective recovery from 104.45 has completed at 108.47. Thus, risk will remain on the downside as long as 108.47 resistance holds. On the downside, break of 106.48 will turn bias back to the downside for retesting 104.45 low. On the upside, break of 108.47 will dampen this view and resume the rebound from 104.45 to 109.31 key resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.62; (P) 106.87; (R1) 107.17; More…

With 107.29 minor resistance intact, intraday bias in USD/JPY remains mildly on the downside. Corrective recovery from 104.45 has completed at 108.47, ahead of 109.31 key resistance. Further fall should be seen for retesting 104.45 low first. On the upside, above 107.29 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 108.47 resistance holds.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.62; (P) 106.87; (R1) 107.17; More…

USD/JPY is losing some downside momentum as seen in 4 hour MACD. But intraday bias stays on the downside with 107.29 minor resistance intact. Corrective recovery from 104.45 has completed at 108.47, ahead of 109.31 key resistance. Further fall should be seen for retesting 104.45 low first. On the upside, above 107.29 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 108.47 resistance holds.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

USD/JPY’s sharp decline last week argues that corrective recovery from 104.45 has completed at 108.47, ahead of 109.31 key resistance. Initial bias stays on the downside this week for retesting 104.45 low first. On the upside, above 107.29 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 108.47 resistance holds.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 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) 106.49; (P) 106.90; (R1) 107.31; More…

Intraday bias USD/JPY remains on the downside despite today’s recovery. Rebound from 104.45 should have completed at 108.57. Deeper fall should be seen to retest 104.45 low. On the upside, above 107.29 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 108.47 resistance holds.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.49; (P) 106.90; (R1) 107.31; More…

Intraday bias in USD/JPY remains on the downside for the moment. Rebound from 104.45 should have completed at 108.57. Deeper fall should be seen to retest 104.45 low. On the upside, above 107.29 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 108.47 resistance holds.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.

Daily Pivots: (S1) 106.86; (P) 107.37; (R1) 107.70; More…

USD/JPY’s break of 106.68 support now suggests that rebound from 104.45 has completed at 108.47, with a double top pattern. Intraday bias is turned back to the downside for retesting 104.45 low. On the upside, above 107.29 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 108.47 resistance holds.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.