Daily Pivots: (S1) 109.53; (P) 109.73; (R1) 109.93; More..

USD/JPY’s decline from 114.45 resumed and reaches as low as 109.37 so far. The break of 109.76 support also carries larger bearish implications. Intraday bias is now on the downside for 61.8% retracement of 104.62 to 114.54 at 118.40 first. Sustained break there will pave the way to retest 104.62 low next. On the upside, break of 111.40 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support suggests that another medium term down leg has started, targeting 98.97/104.62 support zone. For now, we’d expect strong support from there to contain downside to bring rebound.

Daily Pivots: (S1) 110.50; (P) 110.94; (R1) 111.43; More..

Despite today’s decline, USD/JPY is staying above 110.13 temporary low and intraday bias remains neutral. On the downside, break of 110.13 will extend the whole decline from 114.54 and target 109.76 key support level. Break there will carry larger bearish implications. On the upside, break of 111.46, with 109.76 key support defended, will revive near term bullishness. In this case, intraday bias is turned back to the upside for 55 day EMA (now at 112.67) first.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

Daily Pivots: (S1) 110.50; (P) 110.94; (R1) 111.43; More..

USD/JPY is staying in range above 110.13 and intraday bias remains neutral first. On the downside, break of 110.13 will extend the whole decline from 114.54 and target 109.76 key support level. Break there will carry larger bearish implications. On the upside, break of 111.46, with 109.76 key support defended, will revive near term bullishness. In this case, intraday bias is turned back to the upside for 55 day EMA (now at 112.67) first.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

Daily Pivots: (S1) 110.52; (P) 110.97; (R1) 111.82; More..

Intraday bias in USD/JPY remains neutral first. On the downside, break of 110.13 will extend the whole decline from 114.54 and target 109.76 key support level. Break there will carry larger bearish implications. On the upside, break of 111.46, with 109.76 key support defended, will revive near term bullishness. In this case, intraday bias is turned back to the upside for 55 day EMA (now at 112.67) first.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

Daily Pivots: (S1) 110.52; (P) 110.97; (R1) 111.82; More..

Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed above signal line. Focus is back on 111.46 minor resistance. With 109.76 key support intact, break of 111.46 will revive near term bullishness. In this case, intraday bias is turned back to the upside for 55 day EMA (now at 112.67) first. On the downside, below 110.13 will target 109.76 support.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

Daily Pivots: (S1) 109.97; (P) 110.26; (R1) 110.53; More..

With 111.46 minor resistance intact, deeper decline is still expected in USD/JPY for 109.76 key support. Firm break there will confirm bearish reversal. Further fall should then be seen to 61.8% retracement of 104.62 to 114.54 at 108.40 and below. Nevertheless, break of 111.46 resistance will revive near term bluishness and turn bias back to the upside for 55 day EMA (now at 112.63) first.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

Daily Pivots: (S1) 109.97; (P) 110.26; (R1) 110.53; More..

USD/JPY dropped to as low as 110.13 so far and there is no sign of bottoming yet. The break of 38.2% retracement of 104.62 to 114.54 at 110.75 and current downside acceleration now increases the chance of bearish reversal. Intraday bias is stays on the downside for 109.76 support next. Break will target 61.8% retracement at 108.40. On the upside, break of 111.46 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish even in case of recovery.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. ON the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

USD/JPY dropped to as low as 110.81 last week as the corrective pattern from 114.54 extended. While further decline cannot be ruled out yet, we’d continue to expect strong support from 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. On the upside, break of 111.84 resistance will turn bias back to the upside for 114.20/54 resistance zone. However, sustained break of 110.73 will put focus on 109.76 support next.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and could extend the corrective pattern from 118.65 with another decline.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 top 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) 110.53; (P) 111.57; (R1) 112.33; More..

No change in USD/JPY’s outlook. Price actions from 114.54 are viewed as a consolidation pattern. We’d continue to expect downside to be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. On the upside, break of 111.84 minor resistance will turn bias back to the upside for rebound to 4 hour 55 EMA (now at 112.46). However, firm break of 110.75 will dampen our view and target 61.8% retracement at 108.40.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 110.53; (P) 111.57; (R1) 112.33; More..

USD/JPY dropped to as low as 110.81 so far before recovery mildly. Outlooks is unchanged that price actions from 114.54 are viewed as a consolidation pattern. We’d continue to expect downside to be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. On the upside, break of 111.84 will turn bias back to the upside for rebound to 4 hour 55 EMA (now at 112.56). However, firm break of 110.75 will target 61.8% retracement at 108.40.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 112.16; (P) 112.41; (R1) 112.73; More..

USD/JPY’s decline continues today and reaches as low as 111.47 so far. Intraday bias remains on the downside for 111.37 support and below. Nevertheless, USD/JPY is seen in consolidation pattern from 114.54. Thus, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later. On the upside, above 111.96 minor resistance will turn intraday bias neutral first.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 112.16; (P) 112.41; (R1) 112.73; More..

USD/JPY drops to as low as 112.00 so far today and the break of 112.23 support indicates resumption of fall from 114.20. It’s likely now in the third leg of the corrective pattern from 114.54. Intraday bias is now on the downside for 111.37 support and below. But still, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later. On the upside, above 112.66 minor resistance will turn intraday bias neutral first.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 112.23; (P) 112.55; (R1) 112.85; More..

Focus remains on 112.23 support in USD/JPY. Decisive break will extend the corrective pattern from 114.54 with deeper decline to 111.37 and below. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 112.23; (P) 112.55; (R1) 112.85; More..

At this point, USD/JPY is holding above 112.23 support despite breaching it. Intraday bias stays neutral first. On the downside, break of 112.23 support will extend the corrective pattern from 114.54 with deeper decline to 111.37 and below. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 112.50; (P) 113.01; (R1) 113.35; More..

USD/JPY is still holding on to 112.23 support despite today’s steep fall. Intraday bias stays neutral at this point. On the downside, break of 112.23 support will extend the corrective pattern from 114.54 with deeper decline to 111.37 and below. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 112.50; (P) 113.01; (R1) 113.35; More..

USD/JPY is still bounded in range of 112.23/113.70 despite this week’s sharp fall. Intraday bias stays neutral first. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. However, break of 112.23 support will extend the corrective pattern from 114.54 with another decline. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 113.17; (P) 113.42; (R1) 113.64; More..

USD/JPY drops notably today but it’s staying in range of 112.23/113.70. Intraday bias remains neutral for the moment. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. However, break of 112.23 support will extend the corrective pattern from 114.54 with another decline. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 113.17; (P) 113.42; (R1) 113.64; More..

Intraday bias in USD/JPY remains neutral at this point. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. However, break of 112.23 support will extend the corrective pattern from 114.54 with another decline. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

USD/JPY rebounded to 113.70 last week but retreated notably since then. Initial bias is neutral this week first. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. However, break of 112.23 support will extend the corrective pattern from 114.54 with another decline. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 top 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) 113.30; (P) 113.50; (R1) 113.82; More..

With 113.14 minor support intact, intraday bias in USD/JPY remains on the upside for 114.03 resistance. Break there should resume rebound from 111.37 and target 114.54 key resistance next. On the downside, below 113.14 minor support will turn bias the downside for 112.23 and below. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.

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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.