Daily Pivots: (S1) 108.90; (P) 109.05; (R1) 109.23; More..

Intraday bias in USD/JPY remains neutral as it’s staying in range of 108.24/109.48. Further rise in favor after drawing support from 55 day EMA. On the upside, break of 109.48 resistance will resume whole rise from 104.45 and target trend line resistance (now at 111.79). On the downside, break of 108.24 support will revive the case of short term reversal. Intraday bias will be turned back to the downside for 107.88 support to confirm.

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) 133.24; (P) 133.85; (R1) 134.33; More…

USD/JPY is still extending the consolidation from 135.13 and outlook is unchanged. Intraday bias remains neutral for the moment. Further rally is expected as long as 132.03 support holds. On the upside, break of 135.13 will resume the choppy rebound from 129.62 towards 137.90 resistance next. However, break of 132.03 will argue that the rebound has completed already and turn bias back to the downside for 129.62 and below.

In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.

Daily Pivots: (S1) 110.88; (P) 111.12; (R1) 111.30; More…

USD/JPY is staying in tight range below 111.48 temporary top and intraday bias remains neutral. Outlook is unchanged that correction from 113.17 should have completed at 109.76 already. On the upside, above 111.48 will extend the rebound from 109.76 to 112.14 first. Break will target a test on 113.17 high. Meanwhile, below 110.74 minor support will dampen the bullish case and turn focus back to 109.76 instead.

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) 109.44; (P) 109.54; (R1) 109.67; More..

USD/JPY drops notably after being rejection by 109.72 resistance, but stays in consolidation from there. Intraday bias remains neutral first. As long as 108.27 support holds, outlook remains bullish for further rally. On the upside, break of 109.72 will resume the rise from 104.45 for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. However, sustained break of 108.27 support will indicate near term reversal and turn outlook bearish.

In the bigger picture, 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) 109.67; (P) 109.97; (R1) 110.16; More…

USD/JPY drops slightly today but stays inside range of 109.10/110.79. Intraday bias remains neutral at this point. 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. On the upside, break of 110.79 will resume the rebound from 108.71 to retest 111.65 high.

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) 105.58; (P) 106.24; (R1) 106.80; More...

Intraday bias in USD/JPY remains on the downside at this point. Break of 61.8% retracement of 101.18 to 111.71 at 105.20 will target 100% projection of 111.71 to 105.98 from 109.85 at 104.12 next. On the upside, above 105.66 minor resistance will turn intraday bias neutral first. But recovery should be limited by 106.63 support turned resistance to bring another fall.

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) 110.90; (P) 111.04; (R1) 111.25; More…

Intraday bias in USD/JPY remains neutral at this point and outlook is unchanged. While deeper pull cannot be ruled out, downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. Price actions from 113.17 are viewed as a corrective pattern. Break of 111.82 will reaffirm the case that such correction has completed at 109.76. And in that case, further rise should be seen back to retest 113.17 high.

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) 109.75; (P) 109.86; (R1) 109.99; More..

USD/JPY is staying in tight range below 110.14 temporary top. Intraday bias remains neutral first. Further rally is in favor as long as 109.53 minor support holds. On the upside, break of 110.28 will resume whole rally from 104.45. Though, break of 109.53 will turn bias to the downside for 108.30 support instead.

In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise from 104.45 is seen as a correction and the 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) 106.95; (P) 107.32; (R1) 107.52; More...

Intraday bias in USD/JPY remains neutral first and outlook is unchanged. We’re favoring the case that corrective fall from 111.71 has completed with three waves down to 105.98. Further rise is expected as long as 105.98 support holds. On the upside, break of 107.76 will turn bias back to the upside for 109.38 resistance first.

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) 134.81; (P) 135.00; (R1) 135.34; More…

Immediate focus is now on 132.50 minor support in USD/JPY with current sharp fall. Firm break there will argue that whole decline from 139.37 is resuming. Intraday bias will be back on the downside for 130.38 first, and the 100% projection of 139.37 to 130.38 from 135.57 at 126.58. As such decline is seen as a corrective move, strong support should be seen from 126.35 to contain downside. On the upside, above 135.57 will resume the rebound from 130.38 to retest 139.37 high instead.

In the bigger picture, fall from 139.37 medium term top is seen as 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.

Daily Pivots: (S1) 105.05; (P) 105.24; (R1) 105.55; More..

Focus is now on 105.76 resistance in USD/JPY. Decisive break there will confirm resumption of rise from 102.58 and turn bias to the upside. Such rebound is at least correcting the down trend from 111.71 to 102.58. Next target is 38.2% retracement of 111.71 to 102.58 at 106.06. Break will target 61.8% retracement at 108.22. However, firm break of 104.39 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.

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 110.23).

Daily Pivots: (S1) 136.81; (P) 137.84; (R1) 138.39; More…

USD/JPY’s correction from 139.37 is still in progress and intraday bias remains neutral first. Downside of retreat should be contained by 134.73 support. On the upside, break of 139.37 will resume larger up trend to 100% projection of 114.40 to 131.34 from 126.35 at 143.29.

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) 108.43; (P) 108.56; (R1) 108.68; More..

Intraday bias in USD/JPY remains neutral as consolidation continues. With 108.27 support intact, further rally is still expected. On the upside, above 109.20 minor resistance will bring retest of 109.72 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.

USD/JPY’s correction from 131.34 continued last week and overall outlook is unchanged. Deeper decline could be seen this week, but downside should be contained by 125.09 cluster support (38.2% retracement of 114.40 to 131.34 at 124.86) 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) 123.49; (P) 123.77; (R1) 124.07; More…

USD/JPY is staying in consolidation from 125.09 and intraday bias remains neutral for the moment. Outlook stays bullish with 121.17 support intact and further rise is expected. On the upside, break of 125.09 will target 125.85 long term resistance. Firm break pave the way to 130.04 long term projection level. However, break of 121.17 will turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 98.97 (2016 low) in in progress for retesting 125.85 (2015 high). Sustained break there will confirm long term up trend resumption. Next target will be 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04. This will now remain the favored case as long as 116.34 resistance turned support holds.

Daily Pivots: (S1) 131.67; (P) 132.02; (R1) 132.51; More…

Intraday bias in USD/JPY stays neutral but focus is now on 133.74 resistance. Firm break there will resume the rebound form 129.62 and target 137.90 resistance again. However, below 130.62 will resume the fall from1 37.90 through 129.62 to retest 127.20 low.

In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.

Daily Pivots: (S1) 113.03; (P) 113.50; (R1) 114.00; More…

Intraday bias in USD/JPY stays mildly on the downside for 112.71 support. Sustained break there will argue that fall from 115.51 is already correcting whole rise from 102.58. Deeper decline would then be seen to 38.2% retracement of 102.58 to 115.51 at 110.57. On the upside, above 114.20 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 115.51 resistance holds, in case of recovery.

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) on resumption. However, firm break of 109.11 structural support will argue that the trend might have reversed and bring deeper fall to 107.47 support and possibly below.

Daily Pivots: (S1) 144.81; (P) 145.61; (R1) 146.08; More…

USD/JPY retreated after edging higher to 146.40 and intraday bias is turned neutral again. On the upside above 146.40 will resume the rebound from 140.25 to 61.8% retracement of 151.89 to 140.25 at 147.44. Upside should be limited there to bring reversal. On the downside, break of 143.41 will turn bias back to the downside for retesting 140.25 low.

In the bigger picture, for now, fall from 151.89 is still seen as the third leg of the corrective pattern from 151.89. Another decline through 140.25 will target 61.8% retracement of 127.20 to 151.89 at 136.63. Sustained break there will pave the way to 127.20 support (2022 low). However, firm break of 147.44 fibonacci resistance will dampen this view and bring retest of 151.89 instead.

Daily Pivots: (S1) 110.94; (P) 111.20; (R1) 111.41; More…

Intraday bias in USD/JPY remains neutral as consolidation from 112.13 might extend. As long as 110.35 support holds, near term outlook remains bullish and rise from 104.69 is still in favor to resume. On the upside, break of 112.13 will target 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) 111.27; (P) 111.51; (R1) 111.75; More…

USD/JPY’s break of 111.18 support suggests that rebound from 109.71 has completed at 111.82. Also, the consolidation pattern from 112.13 is starting the third leg. Intraday bias is back on the downside for 109.71 and possibly below. But downside should be contained by 104.69 to 112.13 at 109.28 to bring rebound. On the upside, decisive break of 112.13 will resume whole rally from 104.69 and target 114.54 resistance next.

In the bigger picture, medium term outlook in USD/JPY remains a bit mixed as it’s staying inside falling channel from 118.65, but there are signs of bullish reversal. On the upside, break of 114.54 resistance will revive the case the corrective fall from 118.65 has completed with three waves down to 104.69. And whole rise from 98.97 (2016 low) is resuming for 118.65 and above. But before that, outlook stays neutral first.