Daily Pivots: (S1) 111.19; (P) 111.46; (R1) 111.71; More…

Intraday bias in USD/JPY remains mildly on the downside as fall from 112.40 is targeting 110.84 support. Decisive of 110.84 will add to the case of bearish reversal and target 109.71 support and below. In any case, break of 112.40 is needed to confirm rise resumption. Otherwise, risk will stay mildly on the downside 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. But before that, outlook stays neutral first.

Daily Pivots: (S1) 113.67; (P) 114.00; (R1) 114.31; More…

USD/JPY dips notably today as pull back from 114.73 extends lower. But still, with 112.95 support intact near term outlook stays bullish and further rally is in favor. Sustained trading above 114.49 key resistance will pave the way to retest 118.65 high. However, break of 112.95 support will now indicate rejection from 114.49 and turn bias to the downside for 111.64 support and below.

In the bigger picture, medium term rise from 98.97 (2016 low) is not completed yet. It should resume after corrective fall from 118.65 completes. Break of 114.49 resistance will likely resume the rise to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47 first. Firm break there will pave the way to 100% projection at 126.99. This will be the key level to decide whether long term up trend is resuming.

Daily Pivots: (S1) 108.11; (P) 108.32; (R1) 108.60; More…

A temporary top is in place at 108.62 with 4 hour MACD crossed below signal line. Intraday bias in USD/JPY is turned neutral first. Downside of retreat should be contained above 106.48 support to bring another rally. On the upside, break of 108.62 will target 109.31 key resistance first. 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 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) 111.23; (P) 111.55; (R1) 111.92; More…

Intraday bias in USD/JPY remains on the upside for medium term channel resistance (now at 113.03). Sustained break there will argue that whole correction from 118.65 has completed too. In that case, further rise should be seen to 114.49 resistance for confirmation. On the downside, below 111.07 minor resistance will raise the risk of rejection from channel resistance and turn bias back to the downside for 55 day EMA (now at 110.53).

In the bigger picture, rise from 98.97 (2016 low) is seen as the second leg of the corrective pattern from 125.85 (2015 high). It’s unclear whether this this second leg has completed at 118.65 or not. But medium term outlook will be mildly bearish as long as 114.49 resistance holds. And, there is prospect of breaking 98.97 ahead. Meanwhile, break of 114.49 will bring retest of 125.85 high. But even in that case, we don’t expect a break there on first attempt.

Daily Pivots: (S1) 113.05; (P) 113.43; (R1) 113.62; More…

Intraday bias turned neutral as USD/JPY lost momentum again. Some consolidations could be seen but downside of retreat should be contained above 112.07 resistance turned support to bring rise resumption. On the upside, break of 113.79 will extend the larger up trend from 102.58, and target 61.8% projection of 102.58 to 111.65 from 109.11 at 114.71. Firm break there will target 100% projection 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 108.71 support hold, even in case of pull back.

Daily Pivots: (S1) 111.09; (P) 111.35; (R1) 111.65; More…

Intraday bias in USD/JPY remains neutral at this point. Considering bearish divergence condition in daily MACD, risks remain on the downside as long as 112.40 resistance holds. On the downside, decisive break of 110.84 support will add to the case of bearish reversal and target 109.71 support and below. On the upside, firm break of 112.40 resistance will resume the rise from 104.69 instead.

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. But before that, outlook stays neutral first.

Daily Pivots: (S1) 105.63; (P) 106.36; (R1) 107.20; More…

USD/JPY is staying in consolidation above 105.52 temporary low and intraday bias remains neutral first. Another recovery could be seen but 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) 109.45; (P) 109.97; (R1) 110.65; More…

No change in USD/JPY’s outlook. With 109.22 minor support intact, intraday bias stays on the upside for 111.47 resistance first. As noted before, a short term bottom was also in place at 108.27. Sustained break of 111.47 will also have 55 day EMA (now at 111.33) firmly taken out. In such case, further rise would be seen back to 113.38/114.73 resistance zone. On the downside, however, below 109.22 minor support will turn focus back to 108.27 instead.

In the bigger picture, current development argues that the corrective pattern from 118.65 is extending. There is risk of dropping further to 61.8% retracement of 98.97 to 118.65 at 106.48. But this level should provide strong support to contain downside and bring resumption of rise from 98.97. However, sustained break of 106.48 will now likely send USD/JPY through 98.97 to resume the corrective fall from 125.85 (2015 high).

Daily Pivots: (S1) 109.39; (P) 109.62; (R1) 109.91; More…

Outlook in USD/JPY is unchanged. Intraday bias stays neutral and risk remains on the downside with 110.32 resistance intact. Corrective rise from 107.47 could have completed at 110.32 already. Break of 109.17 will target 108.55 support first. Break there should indicate that pattern from 110.95 has started the third 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) 108.19; (P) 108.37; (R1) 108.56; More…

Intraday bias in USD/JPY remains neutral first and more consolidation could be seen. In case of another recovery, upside should be limited by 109.02 support turned resistance to bring fall resumption. On the downside, sustained break of 61.8% retracement of 104.69 to 112.40 at 107.63 will pave the way back to 104.62/9 key support zone. Though, break of 109.02 support turned resistance will indicate short term bottoming and bring lengthier consolidations first.

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) 110.73; (P) 111.40; (R1) 111.79; More…

Intraday bias in USD/JPY remains on the downside as fall from 114.49 is in progress for 108.81 support. Whole correction from 118.65 is possibly resuming. Break of 108.81 will confirm and target 61.8% retracement of 98.97 to 118.65 at 106.48. On the upside, break of 111.47 minor resistance will turn bias neutral and bring recovery before staging another decline.

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, down side should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

USD/JPY rose to 112.71 last week but lost momentum ahead of medium term channel resistance. Initial bias is neutral this week first. Further rise is in favor with 111.07 support intact. Sustained break of medium term channel resistance (now at 113.03) will argue that whole correction from 118.65 has completed. In that case, further rise should be seen to 114.49 resistance for confirmation. However, break of 111.07 minor support will raise the risk of rejection from channel resistance and turn bias back to the downside for 55 day EMA (now at 110.58) and below.

In the bigger picture, rise from 98.97 (2016 low) is seen as the second leg of the corrective pattern from 125.85 (2015 high). It’s unclear whether this this second leg has completed at 118.65 or not. But medium term outlook will be mildly bearish as long as 114.49 resistance holds. And, there is prospect of breaking 98.97 ahead. Meanwhile, break of 114.49 will bring retest of 125.85 high. But even in that case, we don’t expect a break there on first attempt.

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) 112.48; (P) 112.81; (R1) 113.42; More…

Intraday bias in USD/JPY remains on the upside for 114.73 key near term resistance. Decisive break there pave the way to retest 118.65 high. On the downside, break of 111.98 support is needed to indicate near term reversal. Otherwise, outlook will be mildly bullish in case of retreat.

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

Daily Pivots: (S1) 155.29; (P) 156.95; (R1) 157.84; More…

Intraday bias in USD/JPY stays on the downside for the moment. Current decline is seen as correcting whole rally from 140.25. Deeper fall should be seen to 38.2% retracement of 140.25 to 161.94 at 163.65. 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) 109.96; (P) 110.57; (R1) 110.88; More…

USD/JPY’s fall resumed by taking out 110.18 and reaches as low as 107.09 so far. Intraday bias is back on the downside for lower channel support (now at 109.55). We’ll look for bottoming signal around there. but Break of 111.47 resistance is needed to indicate short term bottoming. Otherwise, deeper decline is expected. Firm break of the channel support would pave the way to retest 107.31 low.

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.

• USDJPY broke strong resistance level 157.65
• Likely to rise to resistance level 160.00

USDJPY currency pair recently broke above the strong resistance level 157.65 (which has been steadily reversing the price from the end of April, as you can see below).

The breakout of the resistance level 157.65 continues the clear uptrend that can be seen on the daily and the weekly USDJPY charts.

USDJPY currency pair can be expected to rise further to the next resistance level 160.00, which stopped the previous impulse wave (1) at the end of April.

Daily Pivots: (S1) 108.15; (P) 108.51; (R1) 108.77; More..

Intraday bias in USD/JPY remains on the downside at this point. Rebound from 104.45 could have completed after failing to sustain above 109.31 structural resistance. Break of 107.88 will affirm this bearish case and target 106.48 next. On the upside, firm break of 109.48 is now needed to confirm rally resumption. Otherwise, risk will stay on the downside in case of recovery.

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) 110.56; (P) 110.93; (R1) 111.22; More…

At this point, intraday bias in USD/JPY remains mildly on the downside for 110.23. Break will resume the fall from 114.36 to 108.12 and below. Note again that decline from 118.65 is seen as a correction. In that bearish case, we’ll look for bottoming signal again at 61.8% retracement of 98.97 to 118.65 at 106.48. On the upside, above 111.46 minor resistance will turn intraday bias neutral again first.

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) 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) 111.71; (P) 112.09; (R1) 112.71; More…

Intraday bias in USD/JPY remains on the upside as rise from 108.81 is in progress for channel resistance (now at 112.99). Sustained break there will suggest that whole pull back from 118.65 has completed at 108.12 already. In such case, further rise should be seen to 114.36 resistance for confirmation. On the downside, however, break of 110.94 support will argue that rebound from 108.81 has completed and turn bias back to the downside.

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.