Daily Pivots: (S1) 115.30; (P) 115.55; (R1) 115.72; More…

Sideway trading continues in USD/JPY and intraday bias remains neutral. On the upside, firm break of 116.34 will resume larger up trend from 102.58 to 118.65 long term resistance next. On the downside, though, break of 114.40 will continue the corrective pattern from 116.34 with another fall to 113.46 support.

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. This will remain the favored case as long as 55 week EMA (now at 111.64) holds.

Daily Pivots: (S1) 105.18; (P) 105.33; (R1) 105.58; More...

Range trading continues in USD/JPY and intraday bias remains neutral at this point. On the upside, break of 106.10 will target 106.94 resistance. Sustained break there should confirm completion of the whole decline from 111.71. On the downside, break of 104.94 support will revive near term bearishness and target a test on 104.00 low instead.

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 resistance should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 134.66; (P) 135.32; (R1) 136.13; More…

USD/JPY is losing downside momentum again and intraday bias is turned neutral. On the downside, firm break of 133.61 support and 133.07 medium term fibonacci level will confirm resumption of whole fall from 151.93. On the upside, however, break of 137.95 will turn bias back to the upside for stronger rebound to 142.24 resistance instead.

In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.71) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.

Daily Pivots: (S1) 142.59; (P) 143.63; (R1) 145.61; More…

Intraday bias in USD/JPY remains neutral first. Consolidation from 144.98 could still extend. But downside should be contained by 139.37 resistance turned support. On the upside, break of 144.98 will resume larger up trend to 147.68 long term resistance. Break there will target 161.8% projection of 126.35 to 139.37 from 130.38 at 151.44 next.

In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). Further rise should be seen to 147.68 (1998 high). For now, break of 130.38 support is needed to be the first indication of medium term topping. Otherwise, outlook will stay bullish even in case of deep pull back.

Daily Pivots: (S1) 107.67; (P) 108.28; (R1) 108.64; More…

At this point, further decline is still expected in USD/JPY for 106.48 support. Corrective rebound from 104.45 could have completed at 109.28, ahead of 109.31 key resistance. Break of 106.48 support will confirm this bearish case and target 104.45 low. . For now, risk will stay on the downside as long as 109.28/31 holds, in case of recovery. However, decisive break of 109.31 will be an early sign of medium term reversal and target 112.40 resistance next.

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) 115.28; (P) 115.53; (R1) 115.71; More…

Intraday bias in USD/JPY is back on the downside with break of 115.00 temporary low. Fall from 116.33 is seen as the third leg of the corrective pattern from 116.34. Deeper decline should be seen to 114.14 support, and then 113.46. On the upside, however, break of 115.86 will turn bias back to the upside for 116.34 resistance instead.

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. This will remain the favored case as long as 55 week EMA (now at 111.21) holds.

Daily Pivots: (S1) 114.08; (P) 114.26; (R1) 114.51; More…

Further rise is expected in USD/JPY despite loss of upside momentum. Firm break of 61.8% projection of 102.58 to 111.65 from 109.11 at 114.71 will pave the way to 100% projection at 118.18 next. On the downside, break of 113.20 minor support will turn intraday bias neutral and bring consolidations again, before staging another rally.

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 109.11 support hold, even in case of deep pull back.

Daily Pivots: (S1) 134.18; (P) 136.08; (R1) 137.48; More…

Intraday bias in USD/JPY stays on the downside for retesting 133.61 support and then 133.07 medium term fibonacci level. For now, risk will stay on the downside as long as 137.95 resistance holds, in case of recovery.

In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.71) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.

Daily Pivots: (S1) 104.69; (P) 104.87; (R1) 105.12; More..

USD/JPY’s rebound from 102.58 short term bottom is still in progress and intraday bias remains on the upside. Such rebound should at least be correcting the down trend from 111.71. Further rise should be seen to 38.2% retracement of 111.71 to 102.58 at 106.06. On the downside, break of 104.59 minor support will turn intraday bias neutral first, and bring consolidation before staging another rally.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016), and there is no clear indication of trend reversal yet. Though, sustained trading above 55 week EMA (now at 105.97) will be the first sign of reversal and turn focus to channel resistance (now at 110.31).

Daily Pivots: (S1) 106.61; (P) 106.84; (R1) 107.29; More...

Intraday bias in USD/JPY remains neutral for now. Another fall could still be seen as long as 107.64 minor resistance holds. Break of 106.07 will extend the corrective pattern from 111.71. But in this case, downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. Meanwhile, firm break of 107.64 should suggest completion of the fall from 109.85. Intraday bias will be turned back to the upside for this resistance.

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. Break of 105.98 support could extend the down trend 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) 106.34; (P) 106.62; (R1) 106.82; More...

USD/JPY’s break of 106.35 suggests resumption of whole decline from 111.71. Intraday bias is back on the downside for 100% projection of 111.71 to 106.91 from 109.38 at 104.58 next. At this point, downside momentum as seen in 4 hour MACD is still unconvincing. The structure of the fall from 111.71 doesn’t warrant that it’s an impulsive move resuming larger down trend. Reactions from 104.58 could finally reveal whether fall from 111.71 is corrective. On the upside, break of 107.49 resistance will indicate short term bottoming and turn bias back to the upside for 109.38 resistance.

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) 106.72; (P) 106.93; (R1) 107.18; More...

USD/JPY is still bounded in consolidation from 106.57 and intraday bias remains neutral. On the downside, break of 106.57 will target 105.98 support and below. In that case, downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. On the upside, break of 107.64 will turn bias back to the upside for 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. Break of 105.98 support could extend the down trend 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) 110.32; (P) 110.53; (R1) 110.77; More…

Intraday bias in USD/JPY remains on the downside for the moment. Fall from 110.89 is seen as the third leg of the corrective pattern from 111.39. Deeper decline would be seen to 108.10 support and possibly below. But, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. On the upside, above 110.89 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) 138.97; (P) 139.48; (R1) 140.19; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Strong resistance is expected from 55 4H EMA (now at 139.87) to complete the recovery from 137.22. Break of 137.22 and sustained trading below 137.90 resistance turned support will confirm the larger bearish case, and target 127.20 and below. Nevertheless, sustained trading above 55 4H EMA will turn bias back to the upside for stronger rebound.

In the bigger picture, fall from 145.06 is seen as 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, even in case of strong rebound.

Daily Pivots: (S1) 107.39; (P) 107.97; (R1) 108.32; More..

Intraday bias in USD/JPY remains on the downside at this point. Fall from 109.85 is seen as the third leg of the pattern from 111.71. Break of 107.08 would target a test on 105.98 support. On the upside, above 107.42 minor resistance will turn intraday bias neutral first. But risk will stay mildly on the downside as long as 109.85 resistance holds.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec2016). Hence, there is clear indication of trend reversal yet. Break of 105.98 support would extend the down trend 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) 139.84; (P) 140.17; (R1) 140.70; More…

Intraday bias in USD/JPY remains neutral for the moment as consolidations from 137.66 is extending. Further decline is in favor as long as 142.45 minor resistance holds. 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. Nevertheless, firm break of 142.45 will turn bias back to the upside for stronger rebound to 55 day EMA (now at 143.44) and above.

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 130.28).

Daily Pivots: (S1) 105.16; (P) 105.37; (R1) 105.75; More..

Intraday bias in USD/JPY remains on the upside at this point. Rise from 102.58 is at least correcting the down trend from 111.71. Further rally should be seen to 38.2% retracement of 111.71 to 102.58 at 106.06. On the downside, break of 104.96 minor support will turn intraday bias neutral first, and bring consolidation before staging another rally.

In the bigger picture, USD/JPY is still staying in long term falling channel that started back in 118.65 (Dec. 2016), and there is no clear indication of trend reversal yet. Though, sustained trading above 55 week EMA (now at 105.97) will be the first sign of reversal and turn focus to channel resistance (now at 110.31).

Daily Pivots: (S1) 135.62; (P) 135.92; (R1) 136.29; More…

USD/JPY recovers but stays below 136.99 resistance. Intraday bias remains neutral first. On the upside, sustained break of 136.99 will resume larger up trend to 100% projection of 114.40 to 131.34 from 126.35 at 143.29. On the downside, however, break of 134.25 will turn bias to the downside for deeper pull back to 131.34 resistance turned support.

In the bigger picture, current rally is seen as part of the long term up trend from 75.56 (2011 low). Next target is 100% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 149.26, which is close to 147.68 (1998 high). This will remain the favored case as long as 126.35 support holds.

Daily Pivots: (S1) 111.21; (P) 111.34; (R1) 111.55; More…

USD/JPY is staying in consolidation from 112.13 and more sideway trading could be seen. Intraday bias remains neutral first. As long as 110.35 support hold, near term outlook remains bullish. Rise from 104.69 is expected to extend higher. On the upside, break of 112.13 will turn bias to the upside for 114.54 resistance next. However, firm break of 110.35 should confirm near term reversal and turn outlook bearish for 108.49 support and below.

In the bigger picture, strong rebound from 104.69 argues that decline from 118.65 (2016 high) has completed with three waves down to 104.69, after failing 104.62. More importantly, the rise from 98.97 (2016 low) could be resuming. Decisive break of 114.54 resistance will add more credence to this bullish case and target 118.65. This will now be the favored case as long as 110.35 support holds. However, firm break of 110.35 will mix up the medium term outlook again and turn focus back to 104.69 low.

Daily Pivots: (S1) 141.42; (P) 142.81; (R1) 143.54; More…

USD/JPY’s decline from 145.06 temporary top continues today and intraday bias stays on the downside for 140.90 resistance turned support. Firm break there will raise the chance that whole rebound from 127.20 has completed. Deeper decline should then be seen to 137.90 resistance turned support for confirmation. On the upside, above 142.99 minor resistance will turn intraday bias neutral first.

In the bigger picture, rise from 127.20 is seen as the second leg of the corrective pattern from 151.93 high. Further rally could still be seen as long as 137.90 resistance turned support holds, to retest 151.93. But strong resistance should be seen there to limit upside. However, Break of 137.90 will indicate that the third leg has started back towards 127.20.