Daily Pivots: (S1) 112.35; (P) 112.60; (R1) 112.88; More…

USD/JPY’s fall from 114.49 continues today and reaches as low as 111.98 so far. Intraday bias remains on the downside for deeper decline. As noted before, he rejection from 114.36 resistance suggests that whole correction from 118.65 is possibly still in progress. Sustained break of 55 day EMA (now at 112.03) will pave the way to 108.12 and below. On the upside, above 112.86 minor resistance will turn intraday bias neutral first.

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.

• 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) 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.

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) 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) 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) 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.

Daily Pivots: (S1) 111.62; (P) 112.38; (R1) 112.82; More…

Intraday bias in USD/JPY remains on the downside a the decline from 114.73 is in progress. Decisive break of 111.64 support will argue that whole rebound from 107.31 has completed. In that case, deeper fall would be seen to 61.8% retracement of 107.31 to 114.73 at 101.14 and below. On the upside, though, break of 113.32 minor resistance will indicate that the pull back is completed and turn bias back to the upside.

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. However, firm break of 111.64 support will dampen this view and turn focus back to 107.31 instead.

Daily Pivots: (S1) 109.74; (P) 109.91; (R1) 110.15; More…

Range trading continues in USD/JPY and intraday bias remains neutral first. On the upside, above 110.44 will turn bias back to the upside for 110.79, and then 111.65 high. On the downside, break of 109.10 will argue that larger fall from 111.65 is resuming. Deeper decline should then be seen to 108.71 support first, and then 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) 111.27; (P) 111.90; (R1) 112.33; More…

Intraday bias in USD/JPY remains neutral for the moment. Further rise is in favor with 111.07 support intact. Sustained break of medium term channel resistance (now at 112.90) 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 110.64) 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.

Daily Pivots: (S1) 111.58; (P) 111.90; (R1) 112.26; More…

With 112.22 minor resistance intact, intraday bias in USD/JPY remains on the downside. Sustained trading below 55 day EMA (now at 112.02) will target 197.71 support. As noted before, whole correction from 118.65 is possibly still in progress. Break of 108.81 will confirm and target 61.8% retracement of 98.97 to 118.65 at 106.48. On the upside, above 112.22 minor resistance will turn intraday bias neutral first.

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.

Daily Pivots: (S1) 112.01; (P) 112.41; (R1) 112.85; More…

Intraday bias in USD/JPY remains on the downside for the moment. A short term top should be in place at 113.43, on bearish divergence condition in 4 hour MACD. Also, the pair is rejected by medium term channel resistance. Deeper fall would be seen to downside for 55 day EMA (now at 111.32) first. Sustained break there will bring retest of 107.31. For now, risk will stays on the downside as long as 113.43 resistance holds.

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) 108.79; (P) 109.56; (R1) 110.34; More…

USD/JPY’s fall from 114.36 resumed by taking out 109.11. Despite subsequent recovery, 4 hour MACD stays below signal line. Intraday bias remains on the downside for 108.12 low first. Break will extend the whole corrective fall from 118.65 to 61.8% retracement of 98.97 to 118.65 at 106.48. We will look for bottoming sign there. On the upside, break of 110.80 resistance is needed to indicate completion of fall from 114.36. Otherwise, outlook will stay bearish in case of recovery.

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) 139.15; (P) 139.95; (R1) 141.01; More…

Intraday bias in USD/JPY remains neutral as consolidation from 137.66 temporary low is still in progress. In case of stronger recovery, upside should be limited below 145.16 support turned resistance. On the downside, break of 137.66 will resume the decline from 151.93, to 133.07 fibonacci level, as a correction to the larger up trend.

In the bigger picture, a medium term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for bearish trend reversal. But even as a corrective move, such decline should target 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55 week EMA (now at 130.58).

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

USD/JPY’s rebound from 112.02 extended higher. Break of 112.87 minor resistance suggests that pull back from 113.74 has completed already. Intraday bias is turned back to the upside for 113.74 first. Break will resume the rise from 110.83 to retest 114.73 key resistance. For now, near term outlook will remain bullish as long as 112.02 support holds, in case of retreat.

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) 108.85; (P) 109.17; (R1) 109.63; More….

Intraday bias in USD/JPY remains neutral for consolidation above 108.12. With 110.10 resistance intact, near term outlook remains bearish. Rise from 98.97 is finished at 118.65 and fall from there would extend. On the downside, break of 108.12 will target 61.8% retracement of 98.97 to 118.65 at 106.48. Sustained break there will pave the way back to 98.97 low. Nonetheless, break of 110.10 will be the first sign of near term bottoming and turn bias back to the upside for 112.19 resistance instead.

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) 150.17; (P) 150.44; (R1) 150.81; More…

Intraday bias in USD/JPY stays neutral as sideway trading continues. In case of deeper retreat, downside should be contained by 148.79 resistance turned support to bring rebound. On the upside, break of 150.87 will resume 140.25 to 151.89/93 key resistance zone. Decisive break there will confirm larger up trend resumption of 155.50 projection level next.

In the bigger picture, rise from 140.25 is seen as resuming the trend from 127.20 (2023 low). Decisive break of 151.89/.93 resistance zone will confirm this bullish case and target 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. However, break of 148.79 resistance turned support will delay this bullish case, and extend the corrective pattern from 151.89 with another falling leg.

Daily Pivots: (S1) 114.47; (P) 114.74; (R1) 115.19; More…

USD/JPY’s rise and break of 114.94 resistance should confirm near term reversal on double bottom pattern (111.58, 111.68). That’s whole correction from 118.65 is completed at 111.58. Intraday bias is now back on the upside for a test on 118.65 resistance. Break will resume whole rally from 98.97 and target 125.85 high next. On the downside, break of 113.60 support is now needed to indicate completion of the current rise. Otherwise, outlook will remain bullish in case of retreat.

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. Rejection from 125.85 and below will extend the consolidation with another falling leg before up trend resumption.

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

No change in USD/JPY’s bearish outlook as 110.94 remains intact. Deeper decline is still expected. On the downside, below 109.53 minor support will turn bias to the downside for 108.12 support first. 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) 108.43; (P) 108.56; (R1) 108.68; More..

USD/JPY remains bounded in sideway trading and intraday bias remains neutral first. With 108.27 support intact, further rally is still expected. On the upside, above 109.20 minor resistance will bring retest of 109.72 first. However, firm break of 108.27 will indicate near term reversal and turn outlook bearish for 106.48 support.

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.