Daily Pivots: (S1) 108.38; (P) 108.55; (R1) 108.67; More…

USD/JPY recovers after drawing support form 4 hour 55 EMA but stays below 108.93 temporary top. Intraday bias remains neutral first and more consolidations could be seen. In case of another retreat, downside should be contained well above 106.48 support. On the upside, above 108.93 will target 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.

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) 113.25; (P) 113.56; (R1) 113.86; More…

Intraday bias in USD/JPY is mildly on the downside, as corrective fall from 114.69 could extend lower. But downside should be contained above 112.07 resistance turned support to bring rebound. 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) 108.80; (P) 109.28; (R1) 109.53; More…

Intraday bias in USD/JPY remains mildly on the downside at this point. Correction from 110.95 is in progress for 108.40 support and possibly below. Still, 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) 106.34; (P) 106.50; (R1) 106.76; More…

No change in USD/JPY’s outlook as consolidation from 105.04 is extending. Intraday bias remains neutral first. Near term outlook stays bearish as long as 107.09 resistance holds. On the downside, break of 105.04 will resume larger fall from 112.40 to 104.69 low. Break will target 100% projection of 112.40 to 106.78 from 109.31 at 103.69. On the upside, though, break of 107.09 resistance will indicate short term bottoming. In this case, stronger rebound would be seen back to 55 day EMA (now at 107.58).

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. 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) 107.82; (P) 108.73; (R1) 109.20; More…

Intraday bias in USD/JPY remains on the downside at this point. Current fall from 112.40 should target 61.8% retracement of 104.69 to 112.40 at 107.63. Sustained break there will pave the way back to 104.62/9 key support zone. On the upside, break of 109.15 support turned resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress, with the pair staying indicate 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.

Daily Pivots: (S1) 109.27; (P) 109.41; (R1) 109.63; More…

Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed above signal line. But risk stays on the downside as long as 110.32 resistance holds. Corrective rise from 107.47 should have completed at 110.32. Below 109.17 will target 108.55 support first. Break there should indicate that pattern from 110.95 has started the first leg already and target 107.47 support next.

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. However, sustained break of 55 day EMA would revive some medium term bearishness, and open up deep fall to 61.8% retracement of 102.58 to 110.95 at 105.77 and below.

Daily Pivots: (S1) 137.80; (P) 139.20; (R1) 140.73; More…

Intraday bias in USD/JPY stays neutral for consolidation above 137.66 temporary low. Stronger rise cannot be ruled out, but upside should be limited below 145.16 support turned resistance. Break of 137.66 will resume the decline from 151.93, to 133.07 fibonacci level, as a correction to the larger up trend.

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 130.58).

Daily Pivots: (S1) 108.91; (P) 109.71; (R1) 110.20; More…

USD/JPY’s fall is still in progress intraday bias remains on the downside for retesting 108.12 low first. Also whole decline from 118.65 is seen as a correction and is still in progress. Break of 108.12 will target 61.8% retracement of 98.97 to 118.65 at 106.48. We’ll look for bottoming signal around 106.48. On the upside, above 110.23 support turned resistance will turn bias neutral first. But near term outlook will remain bearish as long as 111.70 resistance holds.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. It’s uncertain whether it’s completed yet. But in case of another fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. Overall, rise from 75.56 is still expected to resume later after the correction from 125.85 completes.

Daily Pivots: (S1) 105.89; (P) 106.09; (R1) 106.29; More…

Intraday bias in USD/JPY remains neutral for the moment. Consolidation from 105.52 might extend further. In case of stronger rise, upside should be limited below 109.31 resistance to bring fall resumption. On the downside, break of 105.52 will target 104.69 low next.

In the bigger picture, decline from 118.65 (Dec 2016) not completed yet, 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) 109.56; (P) 109.99; (R1) 110.37; More…

USD/JPY drops sharply in early US session but stays above 109.11 temporary low. Intraday bias remains neutral first. Near term outlook stays bearish with 111.70 resistance intact and further decline is expected. Break of 109.11 will resume the fall from 114.36 and target 108.12 low first. Break will extend the whole corrective fall from 118.65 to 61.8% retracement of 98.97 to 118.65 at 106.48. We will look for bottoming sign there. Meanwhile, break of 110.70 will indicate near term reversal and turn bias back to the upside for 114.36 resistance instead.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. It’s uncertain whether it’s completed yet. But in case of another fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. Overall, rise from 75.56 is still expected to resume later after the correction from 125.85 completes.

Daily Pivots: (S1) 108.47; (P) 108.71; (R1) 108.98; More..

USD/JPY is staying in tight range of 108.33/109.35 and intraday bias remains neutral first. Outlook is unchanged. With 108.33 minor support intact, the consolidation should be relatively brief. On the upside, break of 109.35 will resume the larger rise from 102.58 long term channel resistance at 110.02 next. However, on the downside, break of 108.33 will indicate short term topping. Intraday bias will be turned to the downside for correction.

In the bigger picture, focus is now back on long term channel resistance (now at 110.02). Sustained break there will indicate that the down trend from 118.65 (Dec 2016) has completed. Further break of 112.22 resistance will confirm this bullish case and target 118.65 next. However, rejection by the channel resistance will keep medium term outlook bearish.

Daily Pivots: (S1) 153.91; (P) 156.95; (R1) 159.37; More…

Intraday bias in USD/JPY stays neutral for the moment. Consolidation from 160.20 short term top is extending. Strong support could be seen from 38.2% retracement of 146.47 to 160.20 at 154.95 to bring recovery. But break of 160.20 is not envisaged for now. However, firm break of 154.95 will turn bias to the downside for deeper correction to 55 D EMA (now at 152.00).

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 100% projection of 127.20 to 151.89 from 140.25 at 164.94. Outlook will remain bullish as long as 150.87 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 104.19; (P) 104.46; (R1) 104.89; More...

Intraday bias in USD/JPY stays neutral for the moment. Further fall is expected with 105.05 resistance intact. On the downside, firm break of 104.00 will resume larger decline from 111.71, towards 101.18 key support. However, firm break of 105.05 will indicate short term bottoming and turn bias back to the upside for 106.10 resistance.

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.

Daily Pivots: (S1) 110.35; (P) 110.64; (R1) 111.02; More….

USD/JPY recovers mildly ahead of 110.10 support. But intraday bias stays on the downside for the moment. Break of 110.10 will resume the whole corrective decline from 118.65 and target 50% retracement of 98.97 to 118.65 at 108.81. On the upside, break of 112.19 resistance is needed to confirm near term reversal. Otherwise, outlook will stay mildly bearish in case of recovery.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. The impulsive structure of the rise from 98.97 suggests that the correction is completed and larger up trend is resuming. Decisive break of 125.85 will confirm and target 61.8% projection of 75.56 to 125.85 from 98.97 at 130.04 and then 135.20 long term resistance. Nonetheless, sustained trading below 55 week EMA (now at 111.16) will extend the consolidation from 125.85 with another fall through 98.97 before completion.

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.

Daily Pivots: (S1) 105.54; (P) 105.74; (R1) 105.87; More..

Intraday bias in USD/JPY remains neutral for the moment and consolidation form 106.21 could extend. But still, further rise is expected as long as 140.40 support holds. 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. On the upside, sustained break of 38.2% retracement of 111.71 to 102.58 will pave the way to 61.8% retracement at 108.22.

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) 110.95; (P) 111.13; (R1) 111.39; More…

Intraday bias in USD/JPY remains neutral as consolidation from 112.13 continues. 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) 109.93; (P) 110.16; (R1) 110.52; More…

No change in USD/JPY’s outlook. Intraday bias remains neutral with focus on 110.133 resistance. Sustained break there will argue that the choppy fall from 111.65 has completed, and turn bias back to the upside for retesting this high. Rejection by 110.33 will maintain near term bearishness. Break of 109.05 will target 38.2% retracement of 102.58 to 111.65 at 108.18.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. Sustained trading below 55 day EMA would argue that the pattern from 101.18 is starting another falling leg, that could head back to 102.58 support and below. For now, outlook won’t turn bullish as long as 111.71 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 108.51; (P) 108.70; (R1) 108.99; More…

Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed below signal line. Further rise is expected with 107.93 minor support intact. Break o 108.99 will resume the rebound from 106.78 for 100% projection of 106.78 to 108.99 from 107.21 at 109.42 and then 161.8% projection at 110.78. On the downside, below 107.93 minor support will turn bias back to the downside instead.

In the bigger picture, decline from 118.65 (Dec 2016) not completed yet, 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) 106.90; (P) 107.09; (R1) 107.41; More…

USD/JPY’s rebound from 104.45 extends higher to 107.49 so today. Intraday bias remains on the upside. Sustained trading above 55 day EMA (now at 107.17) will pave the way to 109.31 key resistance. On the downside, break of 106.62 minor support will turn bias back to the downside for retesting 104.45 low instead.

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. In any case, break of 109.31 resistance is needed to be the first sign of medium term bottoming. Otherwise, further decline will remain in favor in case of rebound.