Daily Pivots: (S1) 109.26; (P) 109.55; (R1) 109.98; More...

USD/JPY’s rally is still in progress and intraday bias remains on the upside. Current rise from 102.58 should target long term channel resistance at 110.00. Decisive break there will carry larger bullish implication and target 111.71 resistance next. On the downside, break of 108.40 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, focus is now back on long term channel resistance (now at 110.00). 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.

Daily Pivots: (S1) 115.29; (P) 115.58; (R1) 115.89; More…

Range trading continues in USD/JPY and intraday bias remains neutral first. On the downside, below 115.00 will extend the fall from 116.33, as the third leg of the corrective pattern from 116.34. Deeper fall would be seen to 114.14 support, and then 113.46. On the upside, firm break of 116.34 will resume larger up trend from 102.58. Next target is 118.65 long term 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 111.21) holds.

Daily Pivots: (S1) 135.39; (P) 135.89; (R1) 136.66; More…

USD/JPY’s break of 136.70 resistance indicates up trend resumption. Intraday bias is back on the upside. Next target will be 100% projection of 114.40 to 131.34 from 126.35 at 143.29. For now, outlook will remain bullish as long as 134.25 support holds, in case of retreat.

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) 115.35; (P) 115.52; (R1) 115.71; More…

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Overall, consolidation pattern from 116.34 is still extending. On the upside, break of 115.68 will resume the rebound from 113.46 to retest 116.34 high first. On the downside, break of 114.14 should extend the consolidation with another falling leg through 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 111.21) holds.

Daily Pivots: (S1) 108.61; (P) 108.95; (R1) 109.18; More…

Intraday bias in USD/JPY is turned neutral as it retreated after failing to take out 109.31 key resistance. For now, further rise is mildly in favor as long as 108.25 minor support holds. Decisive break of 109.31 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, however, break of 108.25 support will indicate short term topping and turn bias back to the downside for 106.48 support 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) 115.26; (P) 115.36; (R1) 115.48; More…

Focus is immediately on 113.58 support with today’s sharp decline. Firm break there will suggest that fall from 115.51 is correcting the rise from 109.11 at least. Deeper fall would be seen to 112.71 support and below. On the upside, though, break of 115.51 will resume larger up trend from 102.58.

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 118.65 high. This will now be the preferred case as long as 111.65 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 136.48; (P) 136.73; (R1) 137.17; More…

Intraday bias in USD/JPY remains neutral as range trading is still extending. On the downside, firm break of 134.73 will confirm short term topping, on bearish divergence condition in 4 hour and daily MACD. Deeper fall would be seen through 55 day EMA to 126.35/131.34 support zone. On the upside, break of 139.37 will resume larger up trend.

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) 127.21; (P) 128.64; (R1) 129.75; More…

Intraday bias in USD/JPY remains mildly on the downside at this point. Correction from 131.34 short term top would extend lower to 125.09 cluster support (38.2% retracement of 114.40 to 131.34 at 124.86), as correction to rise from 114.40. For now, risk will stay mildly on the downside as long as 131.34 resistance holds, in case of recovery.

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) 112.23; (P) 112.45; (R1) 112.89; More..

USD/JPY’s break of 112.52 minor resistance argues that pull back from 114.54 has completed at 111.62 already. Intraday bias is turned back to the upside for retesting 114.54 resistance. on the downside, below 112.01, however, will likely resume the corrective fall 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) 147.65; (P) 147.93; (R1) 148.45; More…

Range trading continues in USD/JPY and intraday bias remains neutral. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should have completed at 140.25 already. Break of 148.79 will resume the rise from there for retesting 151.89/93 key resistance zone.

In the bigger picture, stronger than expected rebound from 140.25 dampened the original bearish review. Strong support from 55 W EMA (now at 142.33) is also a medium term bullish sign. Fall from 151.89 could be a correction to rise from 127.20 only. Decisive break of 151.89/93 will confirm resumption of long term up trend. This will now be the favored case as long as 140.25 support holds.

Daily Pivots: (S1) 113.88; (P) 114.29; (R1) 114.59; More…

Intraday bias in USD/JPY remains on the downside as fall form 116.34 is accelerating towards 112.52 support. considering bearish divergence condition in in daily MACD, break of 112.52 will confirm that it’s already in correction to the up trend from 102.58. Deeper fall would be seen to 38.2% retracement of 102.58 to 116.34 at 111.08. on the upside, above 114.37 minor resistance will turn intraday bias neutral first.

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. However, firm break of 112.52 support will dampen this bullish case and we’ll assess the outlook based on subsequent price actions later.

Daily Pivots: (S1) 106.33; (P) 106.68; (R1) 106.93; More...

USD/JPY’s retreat from 107.05 extends lower today but stays above 105.30 support. Intraday bias remains neutral first and further rally is in favor. We’d holding on to the bullish case. 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 107.05 will target 108.16 resistance next. However, break of 105.30 support will turn bias back to the downside for 104.18 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 should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

Daily Pivots: (S1) 132.40; (P) 132.99; (R1) 133.40; More…

A temporary top is formed at 133.74 in USD/JPY and intraday bias is turned neutral first. Rise from 129.62 is seen as the third leg of the corrective pattern from 127.20. Sustained break of 55 day EMA (now at 133.43) will target 137.90 resistance. On the downside, break of 131.75 minor support will turn bias to the downside for 129.62 first. Break there will bring retest of 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) 133.18; (P) 133.50; (R1) 134.01; More…

Intraday bias in USD/JPY is back on the upside as rebound from 129.62 is resuming by breaking 133.74 resistance. Further rise would be seen towards 137.90 resistance again. On the downside, though, below 132.92 minor support will turn intraday bias neutral first. Further break of 130.62 should resume the fall from 137.90 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) 105.69; (P) 105.96; (R1) 106.13; More..

Intraday bias in USD/JPY remains neutral for the moment and some consolations could be seen. Further rise is expected as long as 140.40 support holds. Rise from 102.58 is seen as at least correcting the down trend from 111.71 to 102.58, with prospect of being an up trend of its own. On the upside, sustained break of 38.2% retracement of 111.71 to 102.58 will pave the way to 61.8% retracement at 108.22.

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) 114.44; (P) 114.81; (R1) 115.12; More…

Intraday bias in USD/JPY remains neutral as the consolidation from 115.49 temporary top extends. Deeper retreat cannot be ruled out. But we’d expect strong support above 113.60 to contain downside and bring rise resumption. As noted before, corrective decline from 118.65 should have completed with a a double bottom pattern (111.58, 111.68). Above 115.49 should turn bias to the upside and pave the way for a test on 118.65. Decisive break there will extend whole rise from 98.97 and target 125.85 high next. On the downside, however, break of 113.60 will invalidate our view and turn bias back to the downside for 111.58/68 support zone instead.

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. Rejection from 125.85 and below will extend the consolidation with another falling leg before up trend resumption.

Daily Pivots: (S1) 123.49; (P) 123.77; (R1) 124.07; More…

Intraday bias in USD/JPY remains neutral as consolidation from 125.09 is extending. 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) 134.48; (P) 134.85; (R1) 135.40; More…

USD/JPY continues to lose upside momentum as seen in 4 hour MACD. But further rise is still in favor to 38.2% retracement of 151.93 to 127.20 at 136.64. Strong resistance could be seen there to complete the corrective rebound. On the downside, break of 133.91 minor support will turn bias back to the downside for 129.79/132,89 support zone.

In the bigger picture, prior break of 55 week EMA (now at 131.54) raises the chance of medium term bearish reversal, but that’s not confirmed yet. Strong rebound from current level, followed by sustained break of 38.2% retracement of 151.93 to 127.20 at 136.64 will argue that price actions from 151.93 is merely a corrective pattern. However, rejection by 136.64 will solidify medium term bearishness for 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.

Daily Pivots: (S1) 159.02; (P) 159.44; (R1) 160.22; More…

Intraday bias in USD/JPY remains on the upside for the moment. Current rally should target 160.20 high, or possibly to 100% projection of 151.86 to 157.70 from 154.53 at 160.37. Upside could be limited there, at least on first attempt. On the downside, below 158.24 minor support will turn intraday bias neutral first. However, decisive break of 160.37 will pave the way to 161.8% projection at 163.97.

In the bigger picture, there is no sign of long term trend reversal yet. Further rally is expected as long as 150.87 resistance turned support holds. Decisive break of 160.02 will target 100% projection of 127.20 to 151.89 from 140.25 at 164.94.

Daily Pivots: (S1) 110.16; (P) 110.28; (R1) 110.54; More…

Intraday bias in USD/JPY remains on the upside at this point. Current rally from 104.62 is still in progress and should target 61.8% retracement of 114.73 to 104.62 at 110.86 next. Firm break there will target medium term trend line resistance at 112.43. On the downside, below 109.14 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 55 day EMA (now at 108.30) holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.