Daily Pivots: (S1) 108.09; (P) 108.33; (R1) 108.62; More…

Intraday bias in USD/JPY is neutral for consolidation above 107.81 temporary low. But with 109.02 support turned resistance intact, current fall from 112.40 is expected to extend further. 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) 108.66; (P) 109.13; (R1) 109.65; More…

Intraday bias in USD/JPY remains mildly on the downside for the moment as fall from 114.49 is resuming. Such decline would target a test on 108.12 low. 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, above 109.66 minor resistance will turn intraday bias neutral first. But break of 110.94 is needed to indicate short term bottoming. Otherwise, outlook remains 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) 107.57; (P) 107.87; (R1) 108.08; More…

Intraday bias in USD/JPY remains neutral at this point. In case of another recovery, upside should be limited by 108.80 resistance to bring fall resumption. On the downside, break of 106.78 minor support will extend the decline from 112.40 to retest 104.69 low. However, firm break of 108.80 will indicate short term bottoming and turn bias to the upside for 110.67 resistance instead.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress, 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.

Daily Pivots: (S1) 110.04; (P) 110.62; (R1) 111.65; More….

USD/JPY’s rise is still in progress and reaches as high as 111.50 so far. Intraday bias remains on the upside for 111.58 support turned resistance. Decisive break there will indicate that t fall from 118.65 is merely a corrective move and has completed. Outlook will then be turned bullish for 115.49 resistance and above. Meanwhile, below 109.58 minor support will turn bias to the downside and extend the whole decline from 118.65 to 61.8% retracement of 98.97 to 118.65 at 106.48.

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) 154.15; (P) 154.84; (R1) 156.08; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Price actions from 160.20 are seen as a corrective pattern. On the upside break of 156.78 will resume the rise from 151.86, as the second leg, to retest 160.20 high. On the downside, below 153.59 will target 151.86 and below as the third leg.

In the bigger picture, a medium term top might be formed at 160.20. But as long as 150.87 resistance turned support holds, fall from there is seen as correcting rise from 150.25 only. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.

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

Intraday bias in USD/JPY remains neutral for the moment as range trading continues. 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.

USD/JPY dropped to as low as 112.02 last week but recovered ahead of 111.98 support. Initial bias remains neutral this week first. With 111.98 intact, we’d favor another rise in the pair. Above 112.87 minor resistance will turn bias to the upside for 113.74. Break will target 114.73 key resistance. However, firm break of 111.98 support will extend the decline from 114.73 with another fall, possibly to 61.8% retracement of 107.31 to 114.73 at 110.14 before completion.

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.

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) 109.52; (P) 109.79; (R1) 109.99; More…

Sideway trading continues in USD/JPY and intraday bias remains neutral. 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) 108.61; (P) 108.80; (R1) 108.95; More..

USD/JPY is staying in sideway trading in tight range and intraday bias remains neutral for the moment. As long as 108.27 support holds, rise from 104.45 remains mildly in favor to resume. On the upside, above 109.20 minor resistance will bring retest of 109.72 resistance 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.

Daily Pivots: (S1) 111.15; (P) 111.55; (R1) 112.28; More…

Despite today’s recovery, USD/JPY is still staying below 112.41 minor resistance. Intraday bias remains neutral and another decline is still in favor. Below 110.61 will target 108.81. Break there will resume whole correction from 118.65 and target 61.8% retracement of 98.97 to 118.65 at 106.48. Nonetheless, break of 112.41 will dampen this bearish view and turn focus back to 114.49 resistance instead.

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) 112.16; (P) 112.45; (R1) 112.87; More….

USD/JPY is staying in tight range and intraday bias remains neutral first. With 111.98 intact, we’d favor another rise in the pair. Above 112.87 minor resistance will turn bias to the upside for 113.74. Break will target 114.73 key resistance. However, firm break of 111.98 support will extend the decline from 114.73 with another fall, possibly to 61.8% retracement of 107.31 to 114.73 at 110.14 before completion.

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) 110.47; (P) 110.84; (R1) 111.49; More…

Intraday bias in USD/JPY remains neutral as consolidation from 110.10 temporary low continues. As long as 111.57 resistance holds, deeper decline is in favor. Below 110.10 will extend the current fall from 118.65 to 100% projection of 118.65 to 111.58 from 115.49 at 108.42 and possibly below. Meanwhile, firm break of 111.57 will indicate short term bottoming and bring rebound back to 55 day EMA (now at 112.96).

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. sustained trading below 55 week EMA (now at 111.11) will indicates that such consolidation is not completed. And another fall would be seen back to 98.97 as the third leg. In that case, downside would be contained by 61.8% retracement of 75.56 to 125.95 at 94.77 to complete the correction. On the upside, above 115.49 will extend the rise from 98.97 to retest 125.85 first. Overall, up trend from 75.56 is expected to resume after the consolidation from 125.85 completes.

Daily Pivots: (S1) 110.68; (P) 111.23; (R1) 111.60; More….

No change in USD/JPY’s outlook. While it’s losing some upside momentum, with 109.58 minor support intact, further rise is expected. 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) 111.96; (P) 112.18; (R1) 112.55; More…

Intraday bias in USD/JPY remains on the upside as rise from 108.81 is in progress for channel resistance (now at 112.89). 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) 109.80; (P) 109.90; (R1) 110.02; More..

Intraday bias in USD/JPY remains neutral for consolidation below 110.21 temporary top. In case of deeper retreat, downside should be contained by 109.24 minor support to bring rally resumption. On the upside, break of 110.21 will extend whole rise from 104.45 to 100% projection of 106.48 to 109.72 from 107.65 at 110.89 next.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). There is no clear indication of trend reversal yet. Hence, rise from 104.45 is seen as a correction and 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.

Daily Pivots: (S1) 112.52; (P) 112.96; (R1) 113.78; More…

USD/JPY’s rally continues today and reaches as high as 113.77 so far today. Intraday bias remains on the upside. Up trend from 102.58 is in progress and should 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. On the downside, below 112.99 minor support will turn intraday bias neutral and bring consolidation first. But retreat should be contained by 112.07 resistance turned support to bring rise resumption.

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) 157.03; (P) 158.24; (R1) 159.12; More…

Fall from 161.94 is seen as correcting the whole five-wave rally from 140.25. Deeper decline is in favor and sustained trading below 55 D EMA (now at 157.67) will affirm this bearish case. Next target will be 38.2% retracement of 140.25 to 161.94 at 163.65. Nevertheless, break of 159.44 will turn bias back to the upside for stronger rebound.

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) 108.55; (P) 108.92; (R1) 109.16; More...

Intraday bias in USD/JPY stays neutral and outlook remains unchanged. On the upside, break of 109.70 will retain near term bullishness and turn bias to the upside for 111.71/112.22 resistance zone. On the downside, decisive break of 106.75 support should confirm completion of rebound from 101.18, after failing 112.22 key resistance. Intraday bias will be turned back to the downside for retesting 101.18 low.

In the bigger picture, at this point, whole decline from 118.65 (Dec 2016) continues to display a corrective look, with well channeling. There is no clear sign of completion yet. Break of 101.18 will target 98.97 (2016 low). Meanwhile, sustained break of 112.22 should confirm completion of the decline and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 111.02; (P) 111.23; (R1) 111.52; More…

USD/JPY is staying in consolidation below 111.78 and intraday bias remains neutral. With 110.63 minor support intact, further rise is still expected. Break of 111.78 will target near term channel resistance (now at 112.85). 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. However, break of 110.63 will turn bias back to the downside for 108.81 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) 110.69; (P) 111.09; (R1) 111.49; More…

USD/JPY failed to take out 4 hour 55 EMA and retreated. Intraday bias is turned neutral first. Correction from 114.73 could have completed with three waves down to 110.18, ahead of 61.8% retracement of 107.31 to 114.73 at 110.14. Above 111.47 will target 113.38 resistance first. Break of 113.38 should confirm this bullish case. However, below 110.18 will extend the correction lower. But we’d again look for bottoming signal in next fall.

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.