Daily Pivots: (S1) 108.69; (P) 108.98; (R1) 109.32; More…

Intraday bias in USD/JPY remains neutral for the moment. The pull back from 110.02 short term top halted after drawing support from near term channel. But break of 110.02 is needed to confirm resumption of rise from 104.62. Otherwise, more consolidation could be seen. And below 108.64 will bring deeper fall to 38.2% retracement of 104.62 to 110.02 at 107.95. In that case, we’d expect strong support fro 107.95 to contain downside and bring rebound. On the upside, break of 110.02 will resume the rise from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86 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 107.95) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 55 day EMA will dampen this bullish view and turn focus back to 104.62 low instead.

USD/JPY edged higher to 110.02 last week but formed a short term top there and retreated deeply. Though, as the pair drew support from near term channel and recovered, initial bias is neutral this week first. Some more consolidations could be seen in near term. In case of another fall, we’d expect strong support from 38.2% retracement of 104.62 to 110.02 at 107.95 to contain downside and bring rebound. On the upside, break of 110.02 will resume the rise from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86 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 107.95) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above. However, sustained break of 55 day EMA will dampen this bullish view and turn focus back to 104.62 low instead.

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) 108.78; (P) 109.33; (R1) 109.74; More…

USD/JPY drops to as low as 108.64 so far as the correction from 110.02 short term top extends. Intraday bias stays on the downside for near term channel support (now at 108.56) and below. But we’d expect strong support from 38.2% retracement of 104.62 to 110.02 at 107.95 to contain downside and bring rebound. Above 109.24 minor resistance will bias back to the upside for 110.02. Break of 110.02 will resume the rise from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.97).

Daily Pivots: (S1) 108.78; (P) 109.33; (R1) 109.74; More…

Intraday bias in USD/JPY remains mildly on the downside for the moment. Correction from 110.02 short term top could extend to near term channel support (now at 108.61) and possibly below. But we’d expect strong support from 38.2% retracement of 104.62 to 110.02 at 107.95 to contain downside and bring rebound. Break of 110.02 will resume the rise from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.97).

Daily Pivots: (S1) 109.61; (P) 109.82; (R1) 110.05; More…

USD/JPY’s sharp decline and break of 109.50 minor support indicates short term topping at 110.02, on bearish divergence condition in 4 hour MACD. Intraday bias is turned to the downside for deeper retreat to near term channel support (now at 108.48). But we’d expect strong support from 38.2% retracement of 104.62 to 110.02 at 107.95 to contain downside and bring rebound. Break of 110.02 will resume the rise from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.97).

Daily Pivots: (S1) 109.61; (P) 109.82; (R1) 110.05; More…

USD/JPY is losing upside momentum as seen in 4 hour MACD. But with 109.50 minor support intact, further rise is expected. Current rally from 104.62 should target 61.8% retracement of 114.73 to 104.62 at 110.86 next. Nonetheless, considering bearish divergence condition in 4 hour MACD, break of 109.50 will indicate short term topping. And lengthier consolidation would be seen before staging another rally.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.78).

Daily Pivots: (S1) 109.43; (P) 109.65; (R1) 110.09; More…

USD/JPY’s rise from 104.62 is still in progress and intraday bias remains on the upside. Current rally would target 61.8% retracement of 114.73 to 104.62 at 110.86 next. On the downside, below 109.50 minor support will indicate temporary topping. And, intraday bias would be turned neutral for consolidation, before staging another rise.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.78).

Daily Pivots: (S1) 109.43; (P) 109.65; (R1) 110.09; More…

Intraday bias in USD/JPY remains on the upside at this point. Current rise from 104.62 should target 61.8% retracement of 114.73 to 104.62 at 110.86 next. On the downside, below 108.96 will turn intraday bias neutral again and bring consolidations.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.78).

Daily Pivots: (S1) 109.04; (P) 109.25; (R1) 109.52; More…

USD/JPY’s really resumes today and reaches as high as 109.69 so far. Intraday bias is back on the upside. Current rise from 104.62 should target 61.8% retracement of 114.73 to 104.62 at 110.86 next. On the downside, below 108.96 will turn intraday bias neutral again and bring consolidations.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.78).

Daily Pivots: (S1) 109.04; (P) 109.25; (R1) 109.52; More…

Intraday bias in USD/JPY remains neutral as consolidation from 109.53 is still in progress. Another fall cannot be ruled out as the consolidation extends. But downside should be contained by 107.77 resistance turned support to bring another rally. Break of 109.53 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.60).

Daily Pivots: (S1) 108.79; (P) 109.16; (R1) 109.42; More…

USD/JPY’s consolidation from 109.53 temporary top is still in progress and intraday bias remains neutral. Another fall cannot be ruled out as the consolidation extends. But downside should be contained by 107.77 resistance turned support to bring another rally. Break of 109.53 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.60).

Daily Pivots: (S1) 108.79; (P) 109.16; (R1) 109.42; More…

Intraday bias in USD/JPY remains neutral for consolidation below 109.53 temporary top. Deeper retreat cannot be ruled out. But downside should be contained by 107.77 resistance turned support to bring another rally. Break of 109.53 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.60).

USD/JPY rose to as high as 109.53 last week but formed a temporary top there on loss of momentum. Initial bias is neutral this week for consolidations. Downside of retreat should be contained by 107.77 resistance turned support to bring another rally. Break of 109.53 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.60).

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) 109.09; (P) 109.27; (R1) 109.49; More…

USD/JPY edged higher to 109.53 but quickly retreated back to established range. Also, 4 hour MACD is staying below signal line. Intraday bias remains neutral first. Deeper retreat cannot be ruled out. But downside should be contained by 107.77 resistance turned support to bring another rally. Above 109.53 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).

Daily Pivots: (S1) 109.09; (P) 109.27; (R1) 109.49; More…

Intraday bias in USD/JPY remains neutral for consolidation below 109.47 temporary top. Deeper retreat could be seen. But downside should be contained by 107.77 resistance turned support to bring another rally. Above 109.47 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).

Daily Pivots: (S1) 108.97; (P) 109.21; (R1) 109.66; More…

A temporary top is in place at 109.47 in USD/JPY and intraday bias is turned neutral for consolidation. Downside of retreat should be contained by 107.77 resistance turned support to bring another rally. Above 109.47 will resume the rise from 104.62 and target 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).

Daily Pivots: (S1) 108.97; (P) 109.21; (R1) 109.66; More…

With 108.54 minor support intact, intraday bias in USD/JPY remains on the upside. Rise from 104.62 is in progress and should target 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next. On the downside, below 108.54 minor support will turn bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).

Daily Pivots: (S1) 108.50; (P) 108.85; (R1) 109.15; More…

USD/JPY’s rally is still in progress and intraday bias stays on the upside. Current rise from 104.62 should extend to 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next. On the downside, below 108.54 minor support will turn bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).

Daily Pivots: (S1) 108.50; (P) 108.85; (R1) 109.15; More…

With 108.54 minor support intact, intraday bias in USD/JPY remains on the upside for further rise. Current rally from 104.62 should extend to 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next. On the downside, below 108.54 minor support will turn bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).

Daily Pivots: (S1) 107.98; (P) 108.36; (R1) 109.08; More…

Intraday bias in USD/JPY remains on the upside as rise from 104.62 is in progress. Further rally would be seen to 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next. On the downside, below 108.54 minor support will turn bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).