Daily Pivots: (S1) 105.58; (P) 105.82; (R1) 106.16; More...

Intraday bias in USD/JPY remains neutral at this point. The bullish case is still in favor for now. That is, corrective fall from 111.71 has completed with three waves down to 104.18, after missing 100% projection of 111.71 to 105.98 from 109.85 at 104.12. On the upside, above 106.47 will target 108.16 resistance next. Nevertheless, break of 104.18 will extend the whole decline from 111.71 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 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 106.50; (P) 106.92; (R1) 107.28; More...

Intraday bias in USD/JPY remains on the downside for the moment. Current fall from 111.71 should target 100% projection of 111.71 to 106.91 from 109.38 at 104.58 next. Momentum of the current decline and reaction from 104.58 should reveal whether USD/JPY is resuming larger down trend. On the upside, break of 108.04 resistance is needed to indicate short term bottoming. Otherwise, further fall will remain in favor even in case of recovery.

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) 134.85; (P) 135.11; (R1) 135.49; More…

Outlook in USD/JPY remains unchanged and intraday bias stays neutral. With 135.68 minor resistance intact, deeper decline is mildly in favor. Fall from 137.76 is seen as the third leg of the pattern from 137.90. Below 133.48 will target 133.00 first, break will target 129.62 support. Still, as long as 129.62 holds, larger rebound from 127.20 is still in favor to resume at a later stage. On the upside, above 135.68 minor resistance will turn bias back to the upside for 137.76/90 instead.

In the bigger picture, price actions from 151.93 high are currently seen as a corrective pattern to the long term up trend. The first leg should have completed at 127.20. Rebound from there is seen as the second leg. Sustained break of 38.2% retracement of 151.93 to 127.20 at 136.34 will bring stronger rebound to 61.8% retracement at 142.48. Meanwhile, break of 129.62 will argue that the third leg is starting through 127.20 low.

Daily Pivots: (S1) 129.73; (P) 130.13; (R1) 130.51; More…

Intraday bias in USD/JPY remains neutral for the moment as range trading continues. On the downside, break of 127.20 will resume the whole decline from 151.93 and target 121.43 fibonacci level. Nevertheless, on the upside, break of 131.56 resistance should confirm short term bottoming, and turn bias back to the upside for stronger rebound to 55 day EMA (now at 133.61) and possibly above.

In the bigger picture, the break of 55 week EMA (now at 131.39) 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 75.56 to 151.93 at 122.75 to bring rebound. But break of 131.56 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

Daily Pivots: (S1) 111.85; (P) 112.29; (R1) 112.63; More..

USD/JPY breached 112.01 minor support briefly and quickly recovered. Intraday bias is turned neutral first. On the upside, above 112.71 will extend the rebound from 111.62 to retest 114.54 high. On the downside, below 111.62 will resume the correction from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75. We’ll look for bottoming signal above 109.76 key support in that case.

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) 130.16; (P) 130.49; (R1) 130.87; More…

Intraday bias in USD/JPY stays neutral for the moment. On the upside, firm 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. Meanwhile, outlook will remain bullish as long as 126.91 support holds, in case of another pull back.

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) 108.57; (P) 108.77; (R1) 109.13; More..

Intraday bias in USD/JPY remains on the upside as rise from 105.98 is in progress. Break of 109.38 resistance will target a test on 111.71 high. On the downside, below 108.42 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 107.08 support holds.

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) 126.78; (P) 127.01; (R1) 127.35; More…

No change in USD/JPY’s outlook as correction from 131.34 is extending. Deeper decline could be seen 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.

Daily Pivots: (S1) 113.49; (P) 113.79; (R1) 114.03; More…

Intraday bias in USD/JPY remains neutral for the moment. A short term top could be in place at ahead of 114.73 resistance, on bearish divergence condition in 4 hour MACD. On the downside, break of 113.51 minor support will bring deeper pull back to 38.2% retracement of 110.37 to 114.54 at 112.94. We’d expect strong support from there to contain downside and bring rebound. On the upside, decisive break of 114.73 will confirm larger bullish case. Next target will be 118.65 resistance.

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) 110.67; (P) 110.90; (R1) 111.10; More…

Further rise is expected in USD/JPY with 109.70 support intact, for 111.71 key resistance. Next target is 61.8% projection of 102.58 to 110.95 from 107.47 at 112.64 next. On the downside, however, break of 109.70 support will turn bias back to the downside for 107.47 support instead.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. On the upside, decisive break of 111.71/112.22 resistance will suggest medium term bullish reversal. Rise from 101.18 could then target 118.65 resistance (Dec 2016) and above. However, sustained break of 107.47 support would revive some medium term bearishness, and open up deep fall to 61.8% retracement of 102.58 to 110.95 at 105.77 and below.

Daily Pivots: (S1) 132.06; (P) 133.59; (R1) 134.95; More…

Intraday bias in USD/JPY remains neutral at this point and some more consolidations could be seen. But fall from 137.90 is in favor to extend lower and break of 132.27 will target 61.8% retracement of 127.20 to 137.90 at 131.28. Sustained break there will pave the way to retest 127.20 low. Break of 137.90 resistance is needed to confirm resumption of the rally from 127.20, or risk will stay on the downside.

In the bigger picture, rebound from 127.20 should have completed at 137.90 as a corrective move, with strong break of 55 day EMA. The down trend from 151.93 (2022 high) is not over yet. 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.

USD/JPY edged higher to 109.22 last week but turned sideway since then. Initial bias remains neutral this week first. Consolidation should be relatively brief as long as 108.08 minor support holds. Break of 109.22 will resume the up trend from 102.58 to long term channel resistance at 110.02 next. Break of 108.08 will bring deeper correction.

In the bigger picture, focus is now back on long term channel resistance (now at 110.02). Sustained break there will indicate that the down trend from 118.65 (Dec 2016) has completed. Further break of 112.22 resistance will confirm this bullish case and target 118.65 next. However, rejection by the channel resistance will keep medium term outlook bearish.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 (2015 high) is viewed as an impulsive move, no change in this view. Price actions from 125.85 are seen as a corrective pattern which could still extend. In case of deeper fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77. Up trend from 75.56 is expected to resume at a later stage for above 135.20/147.68 resistance zone.

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) 132.96; (P) 133.42; (R1) 133.96; More…

Intraday bias in USD/JPY remains neutral for the moment. Outlook is unchanged that corrective pattern from 139.37 is still unfolding. Range trading between 126.35/139.37 will continue for a while. On the downside, break of 130.38 will target 100% projection of 139.37 to 130.38 from 135.57 at 126.58. On the upside, above 135.57 will resume the rebound form 130.38 to retest 139.37.

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 122.70) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.

Daily Pivots: (S1) 129.97; (P) 130.27; (R1) 130.75; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Further is expected as long as 128.61 support holds. Above 131.34 will target 261.8% projection of 109.11 to 116.34 from 114.40 at 133.26. However, firm break of 128.61 will indicate short term topping, and turn bias to the downside for deeper pull back.

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) 105.66; (P) 105.90; (R1) 106.21; More...

Intraday bias in USD/JPY remains neutral for the moment. Further decline is in favor as long as 107.05 resistance holds. Break of 105.10 will bring retest of 104.18 support first. Further break will resume whole decline from 111.71. On the upside, break of 107.05 will revive the case of near term reversal and bring stronger rally.

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) 141.81; (P) 142.19; (R1) 142.87; More…

Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 143.88 will resume the rebound from 137.22 to retest 145.06. Decisive break there will resume whole rally from 127.20. On the downside, however, break of 141.50 will turn bias back to the downside for 55 D EMA (now at 140.60).

In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.

Daily Pivots: (S1) 111.51; (P) 111.88; (R1) 112.13; More..

USD/JPY recovers mildly after dropping to 111.62. But as long as 112.52 minor resistance holds, deeper fall is expected. Current decline is seen as correcting whole rise from 104.62. Deeper fall would be seen to 38.2% retracement of 104.62 to 114.54 at 110.75. We’ll look for bottoming signal above 109.76 key support. On the upside, considering mild bullish convergence condition in 4 hour MACD, above 112.52 minor resistance will indicate completion of the pull back and bring retest of 114.54 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 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

Daily Pivots: (S1) 105.32; (P) 105.41; (R1) 105.52; More...

USD/JPY recovers today but stays below 106.10 resistance. Intraday bias remains neutral at this point. Another rise is still in favor with 104.94 support intact. On the upside, break of 106.10 will resume the rebound from 104.00 for 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) 106.86; (P) 107.37; (R1) 107.70; More…

Intraday bias in USD/JPY remains neutral for the moment with focus back on 106.68 resistance turned support. Firm break there should indicate completion of rebound from 104.45. Intraday bias would be turned back to the downside for retesting 104.45 low next. On the upside, break of 108.47 will extend the rebound from 104.45 to 109.31 key resistance next.

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.