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

As long as 109.58 minor support intact, further rise is still expected in USD/JPY. 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.

USD/JPY engaged in range trading in 110.10/112.19 last week and outlook is unchanged. The pair is staying well in side a near term falling channel and well below 55 day EMA (now at 112.52). More downside is mildly in favor. But the pair is also pressing 55 week EMA (now at 111.15). Hence, we’d be cautious on reversal from the current point.

Initial bias in USD/JPY remains neutral this week first. On the downside, break of 110.10 will extend the whole decline from m 118.65 and target 50% retracement of 98.97 to 118.65 at 108.81. On the upside, however, break of 112.19 resistance will indicate short term reversal and turn bias back to the upside for 115.49 resistance.

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. Nonetheless, sustained trading below 55 week EMA (now at 111.15) will extend the consolidation from 125.85 with another fall through 98.97 before completion.

In the long term picture, the rise from 75.56 long term bottom to 125.85 medium term top is viewed as an impulsive move. Price actions from 125.85 are seen as a corrective move which could still extend. But, up trend from 75.56 is expected to resume at a later stage for above 135.20/147.68 resistance zone.

Daily Pivots: (S1) 108.42; (P) 108.58; (R1) 108.68; More…

USD/JPY recovers strongly in early US session but intraday bias remains neutral first. Consolidation from 107.81 could extend but 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. However, 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 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) 108.91; (P) 109.71; (R1) 110.20; More…

USD/JPY’s fall is still in progress intraday bias remains on the downside for retesting 108.12 low first. Also 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 110.23 support turned 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) 107.86; (P) 108.21; (R1) 108.43; More…

USD/JPY’s decline from 110.95 resumed after brief recovery and focus is back on 38.2% retracement of 102.58 to 110.95 at 107.75. We’d still look for strong support from there to bring rebound. On the upside, above 108.99 support turned resistance will turn bias back to the upside for retesting 110.95 high. However, sustained break of 107.75 will bring deeper fall to 61.8% retracement at 105.77.

In the bigger picture, current development suggests that the corrective down trend from 118.65 (Dec 2016) has completed at 101.18. Firm break of 112.22 resistance should confirms this bullish case. A medium term up trend could then has started for 100% projection of 101.18 to 111.71 from 102.58 at 113.11 and then 161.8% projection at 119.61. However, rejection by 111.71, followed by sustained trading below 55 day EMA (now at 107.96) will dampen the bullish view and keep medium term outlook neutral first.

Daily Pivots: (S1) 107.26; (P) 107.53; (R1) 107.80; More...

USD/JPY is staying in consolidation below 108.16 temporary low and intraday bias remains neutral first. Further rise is in favor as long as 106.79 support holds. On the upside, break of 108.16 will resume the rebound from 106.07 to 109.85 resistance next. Break will argue that larger rebound from 101.18 might be resuming to 112.22 key resistance. On the downside, below 106.79 minor support will dampen the bullish case and turn bias back to the downside for 106.07 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) 110.58; (P) 110.78; (R1) 111.04; More…

USD/JPY retreats mildly after hitting 111.18. But with 110.62 minor support intact, intraday bias stays mildly on the upside. The pull back from 112.13 should have completed with three waves down to 109.71. Further rise would be seen to 112.13 resistance. Decisive break there will resume whole rise from 104.69 to 114.54 key resistance next. On the downside, below 110.53 minor support will turn bias back to the downside for 109.71 and possibly further to 38.2% retracement of 104.69 to 112.13 at 109.28.

In the bigger picture, while the rebound from 104.69 was strong, USD/JPY failed to sustain above 55 week EMA (now at 110.80), and was kept well below 114.54 resistance. Medium term outlook is turned mixed and we’ll wait for the structure of the fall from 112.13 to unveil to make an assessment later. For now, more range trading is expected between 104.69 and 112.13 first.

Daily Pivots: (S1) 115.21; (P) 115.48; (R1) 115.82; More…

Intraday bias in USD/JPY remains neutral at this point. 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) 103.51; (P) 103.67; (R1) 103.78; More..

USD/JPY’s rebound from 103.31 extends higher today but stays below 104.39 resistance. Intraday bias remains neutral first. On the upside, break of 104.39 and sustained trading above the channel resistance will argue that the down trend from 111.71 has finally completed. Stronger rise would be seen to 105.67 resistance for confirmation. On the downside, break of 103.31 will retain near term bearishness and bring retest of 102.58 low.

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. On the upside, break of 105.67 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

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

Intraday bias in USD/JPY remains neutral for consolidation below 108.62 temporary top. 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) 100.88; (P) 102.74; (R1) 104.29; More..

A temporary low is in place at 101.18 in USD/JPY with today’s recovery. Intraday bias is turned neutral for consolidations first. Upside should be limited by 38.2% retracement of 112.22 to 101.18 at 105.39. On the downside, break of 101.18 will resume larger down rend to next key support level at 98.97. Though, firm break of 105.39 will bring stronger rebound to 61.8% retracement at 108.00.

In the bigger picture, fall from 118.65 (Dec 2016) is still in progress. It’s seen as part of a larger consolidative pattern from 125.85 (2015 high). Such decline could could extend through 98.97 (2016 low). For now, risk will remain on the downside as long as 112.22 resistance holds, even in case of rebound.

Daily Pivots: (S1) 107.12; (P) 107.50; (R1) 107.97; More...

Intraday bias in USD/JPY remains on the upside for the moment. Rebound from 106.07 short term bottom should target a test on 109.85 resistance first. Break will argue that larger rebound from 101.18 might be resuming to 112.22 key resistance. On the downside, below 106.79 minor support will dampen the bullish case and turn bias back to the downside for 106.07 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) 133.80; (P) 135.39; (R1) 136.67; More…

Intraday bias in USD/JPY remains on the downside for the moment. Some support could be seen from 38.2% retracement of 127.20 to 137.90 at 133.81. Above 135.580 minor resistance will turn intraday bias back to the upside for stronger rebound. However, sustained break of 133.81 will carry larger bearish implication and target 61.8% retracement at 131.28.

In the bigger picture, down trend from 151.93 (2022 high) is tentatively seen as completed at 127.20 already. Break of 137.90 will resume the rise to 61.8% retracement of 151.93 to 127.20 at 142.48. However, sustained trading below 55 day EMA (now at 134.31) will dampen this bullish view, argue that fall from 151.93 is still on track to another low below 127.20.

Daily Pivots: (S1) 150.33; (P) 150.61; (R1) 150.86; More…

Intraday bias in USD/JPY is turned neutral with current retreat and some consolidations could be seen first. Downside of consolidation should be contained by 148.79 resistance turned support to bring another rally. Above 150.87 will resume the rise from 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, fall from 151.89 is seen as a correction to the rally from 127.20, which might have completed at 140.25 already. Firm break of 151.89/93 resistance zone will confirm up trend resumption, and next target will be 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. This will now remain the favored case as long as 140.25 support holds.

Daily Pivots: (S1) 114.63; (P) 114.94; (R1) 115.37; More…

Intraday bias in USD/JPY remains neutral first and outlook is unchanged. On the downside, break of 114.49 will resume the decline from 116.33, as the third leg of the corrective pattern from 116.34. Further break of 114.14 and will target 113.46 support and below. On the upside, firm break of 116.34 will resume larger up trend.

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 111.61) holds.

Daily Pivots: (S1) 108.01; (P) 108.88; (R1) 109.49; More…

Intraday bias in USD/JPY is turned neutral with a temporary low in place at 108.27. Deeper fall is still expected as long as 110.18 support turned resistance holds. Break of 108.27 will extend recent fall through 107.31 support to next fibonacci support at 106.48. Nonetheless, break of 110.18 will be the first sign of near term reversal and will turn bias back to the upside for 111.47 resistance.

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) 106.55; (P) 106.90; (R1) 107.21; More..

Intraday bias in USD/JPY remains neutral for consolidation above 106.57 temporary low. Another fall is expected as long as 108.24 minor resistance holds. Break of 106.57 will target 105.98 support and below. At this point, the pattern from 111.71 is seen as a correction. We’d expect strong support from 61.8% retracement of 101.18 to 111.71 at 105.20 to contain downside to bring rebound. On the upside, break of 108.24 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) 108.10; (P) 108.40; (R1) 108.74; More…

Intraday bias in USD/JPY remains neutral and consolidation from 107.81 is still in progress. 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. However, 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 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) 108.38; (P) 108.64; (R1) 109.12; More…

Intraday bias in USD/JPY remains on the upside for 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. On the downside, below 108.15 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 106.48 support holds.

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) 155.75; (P) 156.03; (R1) 156.56; More…

Outlook in USD/JPY is unchanged and intraday bias stays neutral. 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 100% projection of 151.86 to 156.78 from 153.59 at 158.51. 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.