Daily Pivots: (S1) 158.25; (P) 158.59; (R1) 159.28; More…

USD/JPY’s rise from 151.85 is still in progress and intraday bias stays on the upside. Further rally could be seen to 160.20 high, or possibly to 100% projection of 151.86 to 157.70 from 154.53 at 160.37. But upside should be limited there, at least on first attempt. On the downside, below 158.24 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) 108.29; (P) 108.46; (R1) 108.66; More..

USD/JPY’s rebound from 107.65 extends higher in early US session and focus is back on 108.86 resistance. Break should indicate that correction from 109.72 has completed at 107.65, after hitting 38.2% retracement of 104.45 to 109.72 at 107.70. Further rise should then be seen to retest 109.72 high. In case of another fall, we’d still expect strong support form 107.70 to contain downside.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). Recovery from 104.45 also failed to sustain above 55 week EMA (now at 109.02). Overall outlook remains bearish and fall from 118.65 is in favor to extend through 104.45 low. This will now stay as the favored case as long as 109.72 resistance holds.

Daily Pivots: (S1) 113.21; (P) 113.71; (R1) 113.99; More…

Intraday bias in USD/JPY is mildly on the downside as pull back from 114.69 is extending. But downside should be contained above 112.07 resistance turned support to bring rise resumption. 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) 110.64; (P) 111.11; (R1) 111.37; More….

USD/JPY’s fall and break of 110.99 minor support suggests that rebound from 110.10 is completed. More importantly, the corrective decline from 118.65 is still in progress. Intraday bias is turned back to the downside. Break of 110.10 will confirm fall resumption 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) 110.13; (P) 110.24; (R1) 110.46; More…

Intraday bias in USD/JPY stays on the upside at this point. Decisive break of 110.58 resistance will confirm that correction from 111.65 has completed with three waves down to 108.71. Stronger rise would then be seen to retest 111.65 high. On the downside, though, below 110.01 minor support will mix up the near term outlook and turn intraday bias neutral first.

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) 109.72; (P) 109.84; (R1) 109.97; More…

Outlook in USD/JPY is unchanged as sideway trading continues. Intraday bias remains neutral first. On the upside, break of 110.79 will resume the rebound from 108.71 to retest 111.65 high. On the downside, break of 109.10 will target 108.71 support first. Firm break there will resume the decline from 111.65 and target 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) 109.04; (P) 109.23; (R1) 109.43; More…

Intraday bias in USD/JPY remains on the downside as fall from 114.49 is in progress for 108.12 support. Whole corrective decline from 118.65 is possibly resuming and break of 108.12 will target 61.8% retracement of 98.97 to 118.65 at 106.48. On the upside, break of 109.83 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it’s uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it’s a leg in the consolidation from 125.85. Hence, we’ll be cautious on topping as it approaches 125.85. If fall from 118.65 extends lower, downside should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

Daily Pivots: (S1) 108.59; (P) 108.79; (R1) 108.96; More…

No change in USD/JPY’s outlook as corrective fall from 110.95 could extend lower through 108.40 support. 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 107.92), will dampen the bullish view and keep medium term outlook neutral first.

Daily Pivots: (S1) 108.42; (P) 108.76; (R1) 109.07; More..

Intraday bias in USD/JPY stays mildly on the upside as rebound from 104.69 is in progress. But upside will likely be limited by 109.46 minor resistance. On the downside, below 106.74 minor support will turn bias to the downside for 104.62 low. Overall, larger downtrend from 118.65 (2016 high) is expected to resume finally through 104.62 after current consolidation from 104.69 completes.

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. Fall from 114.54 is seen as part of the falling leg from 118.65 (2016 high). Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level. But in that case, we’d expect strong support from 98.97 to contain downside to bring reversal. Also, this bearish case will remain the preferred one as long as 114.54 resistance holds.

Daily Pivots: (S1) 111.09; (P) 111.36; (R1) 111.79; More…

No change in USD/JPY’s outlook. Intraday bias remains on the upside with focus on 111.65/71 resistance zone. Sustained break there will resume the up trend from 102.58, and suggest larger bullish trend reversal. Further rally would be seen to 114.54 resistance next. On the downside, however, break of 110.92 minor support will delay the bullish case and turn intraday bias neutral first.

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) 108.91; (P) 109.71; (R1) 110.20; More…

USD/JPY’s recovery from 109.11 extends higher but it’s kept well below 111.70 resistance. Intraday bias remains neutral at this point. Another fall is still expected as long as 111.70 resistance holds. Below 109.11 will target 108.12 low first. Break will extend whole decline from 118.65 to 61.8% retracement of 98.97 to 118.65 at 106.48. As such decline is seen as a correction, we’ll looking for bottoming signal around 106.48. Meanwhile, break of 110.70 will suggest 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) 110.68; (P) 111.23; (R1) 111.60; More….

As long as 109.58 minor support intact, further rise is still expected in USD/JPY. Sustained trading above 111.58 support turned resistance will indicate that fall from 118.65 is merely a corrective move and has completed. Outlook will then be turned bullish for 115.49 resistance and above. However, break of 109.58 will argue that fall from 118.65 is still in progress and will turn bias to the downside for 108.12 and below.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. Current development suggests that it’s not completed yet and is extending. In case of deeper decline, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. Rise from 75.56 is still expected to resume later after the correction from 125.85 completes.

Daily Pivots: (S1) 109.69; (P) 110.06; (R1) 110.59; More…

Intraday bias in USD/JPY stays neutral as it’s bounded in range of 108.26/110.94. With 110.94 resistance intact, near term outlook stays mildly bearish and deeper decline is expected. Firm break of 108.12 support will resume the whole corrective decline from 118.65. In that case, USD/JPY will target 61.8% retracement of 98.97 to 118.65 at 106.48. Nonetheless, considering bullish convergence condition in 4 hour MACD, break of 110.94 will indicate near term reversal and bring stronger rebound back towards 114.49 resistance.

In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it’s uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it’s a leg in the consolidation from 125.85. Hence, we’ll be cautious on topping as it approaches 125.85. If fall from 118.65 extends lower, downside should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

Daily Pivots: (S1) 109.98; (P) 110.43; (R1) 110.70; More…

Intraday bias in USD/JPY remains on the downside for 109.71 support. As noted before, rebound from 104.69 has completed at 112.40 on bearish divergence condition in daily MACD. Decisive break of 109.71 will confirm this bearish case and target retesting 104.69 low. On the upside, break of 110.95 resistance is needed to confirm completion of the fall. Otherwise, outlook will now remain cautiously bearish in case of recovery.

In the bigger picture, medium term outlook in USD/JPY remains a bit mixed as it’s staying inside falling channel from 118.65, but there are signs of bullish reversal. On the upside, break of 114.54 resistance will revive the case the corrective fall from 118.65 has completed with three waves down to 104.69. And whole rise from 98.97 (2016 low) is resuming for 118.65 and above. However, sustained break of 109.71 will raise the chance that fall from 118.65 is still in progress for another low below 104.62.

Daily Pivots: (S1) 112.56; (P) 112.82; (R1) 113.13; More…..

Intraday bias in USD/JPY remains on the upside as rebound from 112.02 is on course to 113.74 resistance. Break will resume the rise fro 110.83 and target key resistance at 114.73 next. On the downside, below 112.83 minor support will turn intraday bias neutral first. But we’ll continue to expect further rally ahead as long as 112.02 support holds.

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

Daily Pivots: (S1) 152.09; (P) 152.66; (R1) 153.73; More…

No change in USD/JPY’s outlook and intraday bias remains on the upside. Sustained break of 61.8% projection of 140.25 to 150.87 from 146.47 at 153.03 will target 155.20 projection level next. On the downside, below 151.95 support will turn intraday bias neutral again. But outlook will stay bullish as long as 150.80 support holds.

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) 156.37; (P) 156.99; (R1) 157.69; More…

Intraday bias in USD/JPY remains neutral as range trading continues above 155.36. Further decline is expected with 158.85 resistance intact. Below 155.36 will target 38.2% retracement of 140.25 to 161.94 at 153.65. On the upside, above 158.85 resistance will turn bias back to the upside for stronger rebound instead.

In the bigger picture, as long as 151.89 resistance turned support holds, long term up trend could still continue through 161.94 at a later stage. Next target will depend on the depth of the current correction from 161.94. However, sustained break of 151.89 will argue that larger scale correction or trend reversal is underway.

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) 109.42; (P) 109.52; (R1) 109.61; More..

Intraday bias in USD/JPY remains neutral as consolidation form 109.72 might extend further. 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) 108.07; (P) 108.60; (R1) 108.89; More..

Intraday bias in USD/JPY remains on the downside at this point. Fall from 110.28 is expected to target 107.65 key support next. Decisive break there will carry larger bearish implications. On the upside, break of 109.26 resistance will turn bias back to the upside for 110.28 high instead.

In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise from 104.45 is seen as a correction and the down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.