Daily Pivots: (S1) 106.96; (P) 107.20; (R1) 107.43; More...

Intraday bias in USD/JPY stays neutral as range trading continues. With 107.64 resistance intact, another fall could be seen in through 106.07. But in that 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) 114.45; (P) 114.82; (R1) 115.07; More…

Break of 114.46 minor support suggest that rebound from 113.46 is finished at 115.68. Intraday bias is back on the downside. Corrective pattern from 116.34 is extending with another falling leg. Break of 113.46 will target 112.52 support. On the upside, above 114.88 minor resistance will turn bias back to the upside for 115.68 resistance.

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 111.07) holds.

Daily Pivots: (S1) 104.29; (P) 104.78; (R1) 105.05; More..

Intraday bias in USD/JPY remains neutral with focus on 104.39 resistance turned support. Decisive break there will indicate that rebound from 102.58 has completed at 105.76. Intraday bias will be turned to the downside for 103.31 support first. Though, rebound from current level, followed by break of 105.76 will target 38.2% retracement of 111.71 to 102.58 at 106.06.

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 105.90) will be the first sign of reversal and turn focus to channel resistance (now at 110.31).

Daily Pivots: (S1) 127.07; (P) 128.25; (R1) 129.04; More…

Intraday bias in USD/JPY remains on the downside at this point. Current fall from 1.151.93 in progress for 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83. Break there will target 121.43 fibonacci level next. On the upside, above 129.3 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 134.76 resistance holds.

In the bigger picture, the firm break of 55 week EMA (now at 131.59) raises the chance of medium term bearish reversal, but that’s not confirmed yet. Strong support could be seen around 61.8% retracement of 102.58 to 151.93 at 121.43 and 38.2% retracement of 38.2% retracement of 75.56 to 151.93 at 122.75 to bring rebound. But break of 134.76 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

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

USD/JPY’s break of 107.64 resistance suggest short term bottoming at 106.07, and completion of fall from 109.85. Intraday bias is turned back to the upside for retesting 109.85 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) 109.41; (P) 109.66; (R1) 109.95; More…

Intraday bias in USD/JPY stays on the downside for 108.12/26 support zone. Decisive break there 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. In any case, outlook will remain cautiously bearish as long as 110.94 resistance holds. 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) 104.06; (P) 104.26; (R1) 104.45; More..

USD/JPY’s break of 104.39 resistance suggests resumption rise from 102.58 short term bottom. More importantly, current development argues that whole down trend from 111.71 has completed, on bullish convergence condition in daily MACD. Intraday bias stays on the upside for 38.2% retracement of 111.71 to 102.58 at 106.06. On the downside, however, break of 103.92 minor support will dampen this bullish view and turn bias neutral again.

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.

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) 109.61; (P) 109.82; (R1) 110.05; More…

USD/JPY is losing upside momentum as seen in 4 hour MACD. But with 109.50 minor support intact, further rise is expected. Current rally from 104.62 should target 61.8% retracement of 114.73 to 104.62 at 110.86 next. Nonetheless, considering bearish divergence condition in 4 hour MACD, break of 109.50 will indicate short term topping. And lengthier consolidation would be seen before staging another rally.

In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.78).

Daily Pivots: (S1) 109.93; (P) 110.20; (R1) 110.65; More…

At this point, further rise could still be seen in USD/JPY. But we’d expect strong resistance from 61.8% retracement of 114.54 to 104.69 at 110.77 to limit upside to bring near term reversal. On the downside, break of 109.66 minor support will turn intraday bias back to the downside for 108.49. Break will confirm completion of rebound from 104.69. However, sustained trading above 110.77 will dampen our bearish view and target a test on 114.54 resistance instead.

In the bigger picture, while the rebound from 104.69 is strong, there is no change in the view that it’s a corrective move. That is, fall from 114.54, as part of the decline from 118.65 (2016 high), is not completed yet. Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level. Nevertheless, sustained trading above 55 day EMA (now at 110.41) will dampen this bearish view and turn focus back to 114.54 resistance instead.

Daily Pivots: (S1) 105.52; (P) 105.86; (R1) 106.08; More...

Intraday bias in USD/JPY remains neutral first. On the downside, break of 105.20 minor support will suggest completion of rebound from 104.18. Intraday bias will be turned back to retest this low. On the upside, though, break of 106.47 will re-affirm the case of near term reversal and target 108.16 resistance.

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) 104.40; (P) 104.78; (R1) 105.00; More...

Intraday bias in USD/JPY remains mildly on the downside at this point. Current development, with the pair staying below 55 day EMA and falling channel, suggest that decline from 111.71 is still in progress. Retest of 103.17 low should be seen first. Nevertheless, on the upside, break of 105.67 will target 106.10 resistance.

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 106.10 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 147.58; (P) 148.19; (R1) 148.55; More…

Intraday bias in USD/JPY remains neutral for the moment, and outlook is unchanged. Focus remains on 148.79 resistance. Firm break there will resume the rally from 140.25 to 151.89/93 key resistance zone. For now, further rise will remain in favor as long as 145.88 holds, in case of retreat.

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 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) 121.41; (P) 121.91; (R1) 122.86; More…

USD/JPY is losing some upside momentum as seen in 4 hour MACD. But with 120.58 minor support intact, intraday bias stays on the upside. Sustained trading above 100% projection of 109.11 to 116.34 from 114.40 at 121.63, will pave the way to 125.85 long term resistance. On the downside, however, below 120.58 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, the break of 118.65 resistance (2016 high) suggest that up trend from 98.97 (2016 low) is resuming, with rise from 101.18 (2020 low) as the third leg. Medium term outlook will remain bullish as long as 116.34 resistance turned support holds. Next target is 125.85 (2015 high).

Daily Pivots: (S1) 107.04; (P) 107.36; (R1) 107.88; More..

USD/JPY’s fall continues today and intraday bias stays on the downside. . As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Fall from 112.22 should target a test on 104.45 low. On the upside, above 107.74 minor resistance will turn bias neutral and bring consolidations, before staging another fall.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

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) 110.74; (P) 111.21; (R1) 111.67; More...

USD/JPY’s fall from 111.71 extends lower today but it’s staying well above 106.75 support. Intraday bias remains neutral first and further rally is still mildly in favor. Decisive break of 112.22 key resistance will carry larger bullish implication and target 114.54 resistance next. On the downside, break of 106.75 support will turn bias back to the downside for retesting 101.18 low instead.

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) 107.21; (P) 107.64; (R1) 107.99; More...

USD/JPY recovers mildly today but upside is capped by 4 hour 55 EMA so far. Intraday bias remains neutral for the moment. On the downside, break of 106.91 will extend the decline from 111.71 to 100% projection of 111.71 to 106.91 from 109.38 at 104.58. On the upside, break of 109.38 will suggest that fall from 111.71 has completed. Intraday bias will be turned back to the upside for 111.71/112.22 resistance zone.

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) 140.08; (P) 140.50; (R1) 140.88; More…

Intraday bias in USD/JPY is turned neutral for consolidation below 140.90 temporary top. But downside should be contained above 138.22 support to bring another rally. Break of 140.90 will resume larger rise from 127.20 to 142.48 fibonacci level. However, considering bearish divergence condition in 4 hour MACD, break of 138.22 will confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 135.78).

In the bigger picture, rise from 127.20 is seen as the second leg of the corrective pattern from 151.93 high. Stronger rally would be seen to 61.8% retracement of 151.93 to 127.20 at 136.34. Sustained break there will pave the way back to retest 151.93. On the downside, however, break of 133.73 support will argue that the pattern could have started the third leg through 127.20 low.

Daily Pivots: (S1) 132.27; (P) 133.47; (R1) 134.44; More…

Intraday bias in USD/JPY stays on the downside as fall from 139.37 is still in progress. Deeper decline should be seen to 131.34 resistance turned support and below. But strong support is expected above 126.35 to contain downside, at least on first attempt, to bring rebound. On the upside, above 134.58 minor resistance will turn intraday bias neutral first, and bring some consolidations.

In the bigger picture, a medium term top should be in place at 139.37, on bearish divergence condition in daily MACD. Fall from there could be correcting whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.