Daily Pivots: (S1) 110.39; (P) 110.56; (R1) 110.82; More…

Intraday bias in USD/JPY remains neutral as it’s bounded in range of 110.27/111.13. On the downside, below 110.27 will bring deeper fall to 109.367 support. Break there will confirm that corrective pattern from 111.39 has started the third leg. And USD/JPY should target 108.10, and possibly below. In that case, we’d expect downside to be contained by 61.8% retracement of 104.62 to 111.39 at 107.20. On the upside, above 111.13 will bring retest of 111.39 instead.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 129.79; (P) 130.04; (R1) 130.38; More…

USD/JPY is staying in consolidation from 131.24. Intraday bias stays neutral at this point. Near term outlook remains bullish with 126.91 support intact. Break of 131.24 will resume recent up trend to 261.8% projection of 109.11 to 116.34 from 114.40 at 133.26. However, considering bearish divergence condition in 4 hour MACD, break of 126.91 will confirm short term topping and turn bias back to the downside for a correction.

In the bigger picture, current rally is seen as part of the long term up trend form 75.56 (2011 low). Sustained trading above 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04 will pave the way to 100% projection at 149.26, which is close to 147.68 (1998 high). For now, this will remain the favored case as long as 121.27 support holds.

Daily Pivots: (S1) 144.26; (P) 144.49; (R1) 144.91; More…

Intraday bias in USD/JPY is turned neutral again as it recovered quickly after dipping to 143.54. Overall outlook remains bullish with 140.90 resistance turned support intact. Break of 145.06 will resume larger rise to 161.8% projection of 127.20 to 137.90 from 129.62 at 146.93. On the downside, break of 143.54 will turn bias to the downside for deeper correction.

In the bigger picture, rise from 127.20 is currently seen as the second leg of the corrective pattern from 151.93 high. Further rally is expected as long as 138.75 support holds, to retest 151.93. But strong resistance could be seen there to limit upside. Break of 138.75 will indicate the the third leg has started back towards 127.20.

Daily Pivots: (S1) 107.10; (P) 107.26; (R1) 107.41; More...

USD/JPY weakens after failing to sustain above 4 hour 55 EMA. But it’s staying above 106.63 minor support. Intraday bias stays neutral first. On the downside, below 106.63 will target 106.07. Break there will extend the whole pattern from 111.71 and target 61.8% retracement of 101.18 to 111.71 at 105.20. On the upside, however, break of 108.16 will resume the rebound from 106.07 and target 109.85 resistance instead.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is no clear indication of trend reversal yet. The down trend could still extend through 101.18 low. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 110.27; (P) 110.50; (R1) 110.69; More…

USD/JPY’s fall from 114.36 resumes by taking out 110.23 support an reaches as low as 109.65 so far. Intraday bias stays on the downside for 108.12 support next. Whole decline from 118.65 is seen as a correction and is still in progress. Break of 108.12 will target 61.8% retracement of 98.97 to 118.65 at 106.48. We’ll look for bottoming signal around 106.48. On the upside, above 110.72 minor resistance will turn bias neutral first. But near term outlook will remain bearish as long as 111.70 resistance holds.

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) 114.34; (P) 114.70; (R1) 114.95; More…

Intraday bias in USD/JPY remains neutral at this point. Corrective pattern from 116.34 is expected to extend with at least another falling leg. On the downside, break of 114.30 minor support will turn bias to the downside for 113.47. Break there will target 112.52 structural support. Considering bearish divergence condition in in daily MACD, further break of 112.52 will confirm that it’s already in correction to the up trend from 102.58. Deeper decline would be seen to 38.2% retracement of 102.58 to 116.34 at 111.08.

In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 120.85 (2015 high) and raise the chance of long term up trend resumption. However, firm break of 112.52 support will dampen this bullish case and we’ll assess the outlook based on subsequent price actions later.

Daily Pivots: (S1) 109.43; (P) 109.83; (R1) 110.17; More…

Outlook in USD/JPY remains unchanged and intraday bias stays neutral first. 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) 105.48; (P) 105.78; (R1) 106.11; More...

Range trading continues in USD/JPY and intraday bias remains neutral for the moment. . On the upside, break of 107.05 will revive the case of near term reversal and bring stronger rally. On the downside, break of 105.10 will target a test on 104.18. Break there will resume whole decline from 111.71.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016). Hence, there is no clear indication of trend reversal yet. The down trend could still extend through 101.18 low. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 105.79; (P) 105.89; (R1) 106.10; More...

Intraday bias in USD/JPY remains neutral for the moment as consolidation continues. On the upside, break of 107.05 will revive the case of near term reversal and bring stronger rally. On the downside, break of 105.10 will target a test on 104.18. Break there will resume whole decline from 111.71.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016). Hence, there is no clear indication of trend reversal yet. The down trend could still extend through 101.18 low. However, sustained break of 112.22 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 112.54; (P) 112.68; (R1) 112.96; More…

USD/JPY’s rally resumes after brief consolidation and intraday bias is back on the upside for 113.17 resistance. Decisive break there will resume whole rally from 104.62 and target 114.73 resistance next. On the downside, below 112.39 minor support will turn intraday bias neutral again. But near term outlook will remain cautiously bullish as long as 111.82 resistance turned support holds.

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 109.36 support holds. However, decisive break of 109.36 will mix up the outlook again. And deeper fall should be seen back to 61.8% retracement of 104.62 to 113.17 at 107.88 and below.

Daily Pivots: (S1) 110.50; (P) 110.94; (R1) 111.43; More..

Despite today’s decline, USD/JPY is staying above 110.13 temporary low and intraday bias remains neutral. On the downside, break of 110.13 will extend the whole decline from 114.54 and target 109.76 key support level. Break there will carry larger bearish implications. On the upside, break of 111.46, with 109.76 key support defended, will revive near term bullishness. In this case, intraday bias is turned back to the upside for 55 day EMA (now at 112.67) first.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Break of 109.76 support will start another medium term down leg to 98.97/104.62 support zone. On the upside, break of 114.73 resistance will likely extend the rise from 98.97 through 118.65 resistance.

Daily Pivots: (S1) 110.86; (P) 111.82; (R1) 112.38; More…

Intraday bias in USD/JPY remains on the downside for 110.83 support. As noted before, current development argues that fall from 114.73 is resuming. Break of 110.83 will target 61.8% retracement of 107.31 to 114.73 at 110.14. We’d look for bottoming signal again below 110.14. On the upside, above 112.05 minor resistance will turn intraday bias neutral first.

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) 112.76; (P) 113.07; (R1) 113.28; More…

Intraday bias in USD/JPY stays neutral with focus on 38.2% retracement of 110.37 to 114.54 at 112.94. On the upside, above 113.55 will suggest that the pull back from 114.54 has completed. Intraday bias will be turned back to the upside for retesting 114.54 and 114.73 key resistance. Nonetheless, sustained trading below 38.2% retracement of 110.37 to 114.54 at 112.94 will target 61.8% retracement at 111.96.

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.

Daily Pivots: (S1) 108.51; (P) 108.63; (R1) 108.76; More…

Intraday bias in USD/JPY remains neutral for consolidation below 108.93 temporary top. Another retreat could not be ruled out, but downside should be contained by 55 day EMA (now at 107.81). On the upside, 108.93 will target 109.31 key resistance. 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 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.

USD/JPY’s correction from 131.34 continued last week and outlook is unchanged. Further fall could be seen as long as 129.77 resistance holds. Such correction could extend to 125.09 cluster support (38.2% retracement of 114.40 to 131.34 at 124.86). But strong support is expected from there to contain downside to bring rebound. On the upside, break of 129.77 minor resistance will suggest that the correction is finished and bring retest of 131.34.

In the bigger picture, current rally is seen as part of the long term up trend form 75.56 (2011 low). Sustained trading above 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04 will pave the way to 100% projection at 149.26, which is close to 147.68 (1998 high). For now, this will remain the favored case as long as 121.27 support holds.

In the long term picture, the up trend from 75.56 (2011 low) long term bottom to 125.85 (2015 high) has just resumed. First target at 61.8% projection of 75.56 to 125.85 from 98.97 at 130.04 was already met. Next is 100% projection at 149.26, which is close to 147.68 (1998 high).

Daily Pivots: (S1) 156.73; (P) 157.50; (R1) 158.23; More…

Intraday bias in USD/JPY is turned neutral first with current retreat. Further rally would remain in favor as long as 154.53 support holds. Break of 158.25 will resume the choppy rise from 151.86 towards 160.20 high. But upside should be limited there, at least on first attempt.

In the bigger picture, price actions from 160.20 medium term top are seen as a corrective pattern to rise from 150.25 only. Another rally is still expected at a later stage through 160.02 to resume the larger up trend. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.

Daily Pivots: (S1) 139.86; (P) 140.66; (R1) 141.16; More…

Intraday bias in USD/JPY remains on the downside for the moment as fall from 145.06 is in progress. Decisive break of 137.90 resistance turned support will confirm the larger bearish case, and target 127.20 and below. On the upside, above 139.74 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current downside acceleration, as seen in daily MACD, argues that fall from 145.06 is already the third leg of the corrective pattern from 151.93 (2022 high). Sustained break of 137.90 resistance turned support should confirm this case and target 127.20 (2023 low) and below. For now, this will remain the favored case as long as 145.06 resistance holds.

Daily Pivots: (S1) 109.88; (P) 110.10; (R1) 110.51; More…

Range trading continues in USD/JPY and intraday bias remains neutral first. 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) 113.10; (P) 113.31; (R1) 113.48; More..

Further rise is still expected in USD/JPY with 113.00 minor support intact. Break of 113.04 resistance will resume rebound from 111.37 and target 114.54 key resistance next. On the downside, below 113.00 will turn bias the downside for 112.23 and below. 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) 107.67; (P) 107.93; (R1) 108.19; More…

Intraday bias in USD/JPY stays neutral for the moment. On the upside, firm break of 108.47 will resume the rebound from 104.45 to 109.31 key resistance next. On the downside, break of 106.96 will extend the fall from 108.47. Further break of 106.68 will confirm completion of rebound from 104.45 and target a retest on this low.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress and the pair is staying well inside long term falling channel. Firm break of 104.69 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. However, firm break of 109.31 will be the first sign of medium term reversal and bring stronger rise to 112.40 resistance for confirmation.