Daily Pivots: (S1) 108.47; (P) 108.78; (R1) 109.20; More…

Intraday bias in USD/JPY remains neutral as consolidation from 108.10 temporary low is still in progress. Another recovery cannot be ruled out. But upside should be limited by 109.82 resistance to bring fall resumption. Below 108.10 will target 61.8% retracement of 104.62 to 111.39 at 107.20. Break will likely resume larger decline from 118.65 for a new low below 104.62.

In the bigger picture, USD/JPY remains bounded in medium term falling channel from 118.65 (2016 high). The development. Current deeper than expected fall from 111.39 argues that fall from 118.65 is not finished. Break of 104.62 low would target 98.97 or even below. Though, break of 111.39 will revive the case that fall from 118.65 has completed and turn focus to 114.73 for confirmation.

Daily Pivots: (S1) 108.47; (P) 108.78; (R1) 109.20; More…

A temporary low is in place at 108.10 and intraday bias is turned neutral first. As long as 109.82 minor resistance holds, deeper decline is expected in USD/JPY. Below 108.10 will target 61.8% retracement of 104.62 to 111.39 at 107.20. Break will likely resume larger decline from 118.65 for a new low below 104.62. On the upside, break of 109.82 is needed to confirm completion of the fall from 111.39. Otherwise, near term outlook will be mildly bearish even in case of recovery.

In the bigger picture, USD/JPY remains bounded in medium term falling channel from 118.65 (2016 high). The development. Current deeper than expected fall from 111.39 argues that fall from 118.65 is not finished. Break of 104.62 low would target 98.97 or even below. Though, break of 111.39 will revive the case that fall from 118.65 has completed and turn focus to 114.73 for confirmation.

Daily Pivots: (S1) 108.10; (P) 108.78; (R1) 109.46; More…

Intraday bias in USD/JPY remains on the downside for the moment. Deeper fall could be seen to 61.8% retracement of 104.62 to 111.39 at 107.20. Break will likely resume larger decline from 118.65 for a new low below 104.62. On the upside, break of 109.82 is needed to confirm completion of the fall from 111.39. Otherwise, near term outlook will be mildly bearish even in case of recovery.

In the bigger picture, USD/JPY remains bounded in medium term falling channel from 118.65 (2016 high). The development. Current deeper than expected fall from 111.39 argues that fall from 118.65 is not finished. Break of 104.62 low would target 98.97 or even below. Though, break of 111.39 will revive the case that fall from 118.65 has completed and turn focus to 114.73 for confirmation.

Daily Pivots: (S1) 108.10; (P) 108.78; (R1) 109.46; More…

The break of 108.82 key cluster support now argues that rise from 104.62 has completed at 111.39. Intraday bias stays on the downside for 61.8% retracement of 104.62 to 111.39 at 107.20. Break will resume larger decline from 118.65 for a new low below 104.62. On the upside, break of 109.82 is needed to confirm completion of the fall from 111.39. Otherwise, near term outlook will be mildly bearish even in case of recovery.

In the bigger picture, USD/JPY remains bounded in medium term falling channel from 118.65 (2016 high). The development. Current deeper than expected fall from 111.39 argues that fall from 118.65 is not finished. Break of 104.62 low would target 98.97 or even below. Though, break of 111.39 will revive the case that fall from 118.65 has completed and turn focus to 114.73 for confirmation.

Daily Pivots: (S1) 109.13; (P) 109.52; (R1) 109.80; More…

USD/JPY drops to as low as 108.41 so far today and there is no sign of bottoming yet. Sustained trading below 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) will dampen our bullish view. And USD/JPY is probably not reversing the larger decline from 118.65 yet. In that case, deeper fall will be seen to 61.8% retracement at 107.20 and possibly below. Nonetheless, strong rebound from the current level, followed by break of 109.82 will revive near term bullishness and bring retest of 111.39 first.

In the bigger picture, for now, we’re holding on to the view that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before medium term bottoming.

Daily Pivots: (S1) 109.13; (P) 109.52; (R1) 109.80; More…

USD/JPY weakens again today but near term outlook remains unchanged. We’d continue to expect strong support from 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to contain downside and break rebound. Above 109.82 minor resistance will argue that the pull back from 111.39 is completed. Intraday bias would be turned back to the upside for retesting 111.39. However, on the downside, firm break of 108.82 will argue that the rise from 104.62 is possibly over. Deeper would then be seen to 61.8% retracement at 107.20 and possibly below.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

Daily Pivots: (S1) 109.10; (P) 109.42; (R1) 109.71; More…

Outlook in USD/JPY remains unchanged. The correction from 111.39 could extend. But we’d expect support from 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. However, firm break of 108.82 will dampen our view and bring deeper decline to 61.8% retracement at 107.20 and possibly below.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

Daily Pivots: (S1) 109.10; (P) 109.42; (R1) 109.71; More…

No change in USD/JPY’s outlook. The correction from 111.39 could extend. But we’d expect support from 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. However, firm break of 108.82 will dampen our view and bring deeper decline to 61.8% retracement at 107.20 and possibly below.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

USD/JPY’s sharp decline last week confirmed short term topping at 111.39. Price action from there is seen as a corrective move. We’d expect support from 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. However, firm break of 108.82 will dampen our view and bring deeper decline to 61.8% retracement at 107.20 and possibly below.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

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) 108.76; (P) 109.44; (R1) 109.92; More…

The correction from 111.39 could still extend lower. But we’d expect downside to be contained by 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. However, firm break of 108.82 will dampen our view and bring deeper decline to 61.8% retracement at 107.20 and possibly below.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, decisive break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

Daily Pivots: (S1) 108.76; (P) 109.44; (R1) 109.92; More…

No change in USD/JPY’s outlook. Price actions from 111.39 is seen as developing into a corrective pattern. We’d expect downside to be contained by 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. However, firm break of 108.82 will dampen our view and bring deeper decline to 61.8% retracement at 107.20 and possibly below.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, decisive break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

Daily Pivots: (S1) 109.44; (P) 110.19; (R1) 110.83; More…

USD/JPY’s fall extends to as low as 109.12 in early US session. Intraday bias remains on the downside for 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80). For now, we’d still expect strong support from there to contain downside and bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. But, decisive break there is now needed to confirm rally resumption. Otherwise, more corrective trading would be seen in near term.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, decisive break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

Daily Pivots: (S1) 109.44; (P) 110.19; (R1) 110.83; More…

USD/JPY’s decline from 111.39 extends to as low as 109.32 so far and there is no sign of bottoming yet. Intraday bias stays on the downside for 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80). We’d expect strong support from there to contain downside and bring rebound. On the upside, above 110.32 minor resistance will argue that the pull back is completed. And, in that case, retest of 111.39 high should be seen. But, decisive break there is now needed to confirm rally resumption. Otherwise, more corrective trading would be seen in near term.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.82 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, decisive break of 108.82 will dampen the bullish outlook and revive the case of a break of 104.62 low before bottoming.

Daily Pivots: (S1) 110.73; (P) 110.96; (R1) 111.13; More…

USD/JPY’s decline from 111.39 extends to as low as 109.55 today and took out 110.02 resistance turned support firmly. Near term channel support is also decisively taken out. Price actions from 111.39 should be corrective whole rally from 104.62. Deeper fall could be seen but we’d expect strong support from 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) to contain downside. On the upside, break of 111.39 is now needed to confirm rally resumption. Otherwise, more corrective trading would be seen in near term, with risk of another fall.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.80 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

Daily Pivots: (S1) 110.73; (P) 110.96; (R1) 111.13; More…

USD/JPY drops sharply to as low as 110.52 so far today but it’s staying above 110.02 resistance turned support so far. And it’s holding inside near term rising channel. Hence, intraday bias stays neutral and the consolidation from 111.39 should be relatively brief. Break of 111.39 will resume the rally from 104.62 to trend line resistance at 112.31. However, considering bearish divergence condition in 4 hour MACD, break of 110.02 will indicate short term topping. In that case, deeper pull back could be seen to 108.82 cluster support (38.2% retracement of 104.62 to 111.39 at 108.80) before completing the correction.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as108.80 support holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

Daily Pivots: (S1) 110.73; (P) 111.07; (R1) 111.38; More…

Intraday bias in USD/JPY remains neutral for consolidation below 111.39 temporary top. Downside of retreat should be contained by 110.02 resistance turned support to bring rise resumption. Above 111.39 will extend the rally from 104.62 to trend line resistance at 112.31. Firm break there will target 114.73 resistance next.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.65) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

Daily Pivots: (S1) 110.73; (P) 111.07; (R1) 111.38; More…

A temporary top is in place at 111.39 with current retreat. Intraday bias in USD/JPY is turned neutral for consolidations. Downside should be contained by 110.02 resistance turned support to bring rise resumption. Above 111.39 will extend the rally from 104.62 to trend line resistance at 112.31. Firm break there will target 114.73 resistance next.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.65) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

Daily Pivots: (S1) 110.55; (P) 110.82; (R1) 111.02; More…

Intraday bias in USD/JPY remain son the upside. Current rally should extend to trend line resistance at 112.33. Firm break there will target 114.73 resistance next. On the downside, below 110.60 minor support will turn bias neutral again and bring consolidations. But strong support should be seen from 109.14/110.02 support zone to bring rally resumption.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.65) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

Daily Pivots: (S1) 110.55; (P) 110.82; (R1) 111.02; More…

USD/JPY’s rally resumed after very brief consolidation and reaches as high as 111.37 so far. Intraday bias is back on the upside for trend line resistance at 112.33. Firm break there will target 114.73 resistance next. On the downside, below 110.60 minor support will turn bias neutral again and bring consolidations. But strong support should be seen from 109.14/110.02 support zone to bring rally resumption.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.65) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

USD/JPY surged to as high as 111.07 last week and met 61.8% retracement of 114.73 to 104.62 at 110.86 already. As a temporary top is formed, initial bias is neutral this week for consolidation. We’d expect downside of retreat to be contained above 110.02 resistance turned support to bring another rally. Above 111.07 will extend the rise from 104.62 for trend line resistance at 112.33.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.55) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

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.