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) 110.24; (P) 110.59; (R1) 111.07; More…

Intraday bias in USD/JPY remains neutral first. While the correction from 113.17 might still extend lower, we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to contain downside and bring rebound. On the upside, above 111.17 minor resistance will turn bias back to the upside. Further break of 112.14 will bring retest of 113.17 high. However, firm break of 109.90 will put focus on 109.36 key structural support level.

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.

Daily Pivots: (S1) 151.02; (P) 151.44; (R1) 151.88; More…

USD/JPY is still extending the consolidation from 151.92 and intraday bias stays neutral. Further rally is expected as long as 150.25 support holds. On the upside, decisive break of 151.93 key resistance will confirm long term up trend resumption. Next near term target will be 61.8% projection of 140.25 to 150.87 from 146.47 at 153.03. However, firm break of 150.25 will turn bias back to the downside for deeper pullback.

In the bigger picture, correction from 151.87 (2023) high could have completed at 140.25 already. Rise from 127.20 (2023 low), as part of the long term up trend, is probably ready to resume. Decisive break of 151.93 resistance (2022 high) will confirm this bullish case. Next medium term target will be 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. This will remain the favored case as long as 146.47 support holds, in case of another pullback.

Daily Pivots: (S1) 129.57; (P) 130.34; (R1) 130.96; More…

Intraday bias in USD/JPY stays neutral and outlook is unchanged. 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 should confirm short term bottoming, and turn bias back to the upside for stronger rebound to 55 day EMA (now at 134.34).

In the bigger picture, the break of 55 week EMA (now at 131.47) 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) 103.82; (P) 104.74; (R1) 105.38; More..

Breach of 103.22 minor support suggests that recovery form 101.18 has completed at 105.91. Intraday bias is turned back to the downside for 101.18 low. Break will resume larger down trend to 98.97 support next. On the upside, break of 105.91 will extend the corrective rise to 61.8% retracement of 112.22 to 101.18 at 108.00 instead.

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) 103.88; (P) 104.09; (R1) 104.27; More..

Range trading continues in USD/JPY and intraday bias remains neutral first. Larger decline from 111.71 is still in progress. Break of 103.65 should turn bias back to the downside for 103.17 low and below. This bearish case will remain favored as long as 105.67 resistance holds.

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) 105.41; (P) 105.61; (R1) 105.93; More...

Intraday bias in USD/JPY remains neutral as range trading continues. On the upside, break of 105.80 will resume the rebound from 104.00 to 106.94 resistance next. on the downside, break of 104.92 will suggest completion of rebound from 104.00. Intraday bias will be turned back to the downside for retesting this 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. However, sustained break of 112.22 resistance should confirm completion of the down trend and turn outlook bullish for 118.65 and above.

USD/JPY edged higher to 111.78 last week but turned sideway since then. Initial bias stays neutral this week first. Further rise is mildly in favor with 110.63 minor support intact. Above 111.78 will target channel resistance (now at 112.87). Sustained break there will suggest that whole pull back from 118.65 has completed at 108.12 already. In such case, further rise should be seen to 114.36 resistance for confirmation. However, break of 110.63 will turn bias back to the downside for 108.81 instead.

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.

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) 106.54; (P) 106.78; (R1) 107.12; More...

Intraday bias in USD/JPY remain son the upside for the moment and outlook is unchanged. Corrective fall from 111.71 should have completed with three waves down to 104.18, after missing 100% projection of 111.71 to 105.98 from 109.85 at 104.12. Further rise should be seen to 108.16 resistance. Firm break will target 109.85 and above. On the downside, below 106.56 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 105.30 support holds, even in case of retreat.

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) 103.94; (P) 104.29; (R1) 104.89; More...

USD/JPY’s strong rebound and breach of 104.56 minor resistance suggests that pull back from 105.67 has completed. Intraday bias is back on the upside for 105.67 resistance. On the downside, below 103.65 minor support will bring retest of 103.17 low. Overall, USD/JPY is staying inside falling channel, and below 55 day EMA. Down trend from 111.71 is expected to continue as long as 105.67 resistance holds.

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) 132.90; (P) 133.25; (R1) 133.86; More…

A short term bottom should be formed at 130.55 in USD/JPY, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside. Further rise should be seen back to 38.2% retracement of 151.93 to 130.55 at 138.71 first. On the downside, however, break of 132.62 minor support will bring retest of 130.55 instead.

In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.76) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.

Daily Pivots: (S1) 141.09; (P) 141.88; (R1) 143.07; More…

USD/JPY’s rally from 137.22 continues today and intraday bias stays on the upside for retesting 145.60 resistance first. Decisive break there will resume whole rally from 172.20. Next target is 61.8% projection of 129.62 to 145.06 from 137.22 at 146.76. On the downside, below 141.99 minor support will mix up the outlook and turn intraday bias neutral first.

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) 111.92; (P) 112.24; (R1) 112.70; More..

USD/JPY’s rebound from 111.37 extends today but stays below 112.88 resistance. Intraday bias remains neutral first. Another fall cannot be ruled out yet. On the downside, break of 111.37 will extend the fall from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75. As such fall is seen as part of medium term correction, we’ll look for bottoming signal above 109.76 key support. On the upside, break of 112.88 resistance will suggest that the fall has completed and turn bias back to the upside for retesting 114.54.

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) 134.11; (P) 134.62; (R1) 135.34; More…

Intraday bias in USD/JPY remains neutral at this point, and further decline is still in favor with 135.68 minor resistance intact. 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) 113.46; (P) 113.75; (R1) 113.98; More…

USD/JPY is staying in consolidation from 114.05 temporary top and intraday bias remains neutral. Deeper pull back cannot be ruled out. But downside should be contained above 112.55 support to bring another rally. Above 114.05 will target 114.73 key resistance. Decisive break there 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) 149.59; (P) 149.83; (R1) 150.33; More…

Intraday bias in USD/JPY stays neutral as consolidation from 151.69 is extending. Further rally is expected as long as 148.79 support holds. Firm break of 151.69 high will resume larger up trend. However, decisive break of 148.79 will indicate rejection by 151.93 key resistance, and bring deeper fall through 147.28 support.

In the bigger picture, immediate focus is on 151.93 resistance (2022 high). Rejection by 151.93, followed by sustained break of 145.06 resistance turned support will argue that rise from 127.20 has completed, and turn outlook bearish for 137.22 support and below. However, sustained break of 151.93 will confirm resumption of long term up trend. Next target will be 61.8% projection of 102.58 to 151.93 from 127.20 at 157.69.

Daily Pivots: (S1) 108.60; (P) 108.73; (R1) 108.90; More…

No change in USD/JPY’s outlook for now. Intraday bias remains mildly on the upside with 108.15 minor support intact. Further rise should be seen to 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) 112.54; (P) 112.83; (R1) 113.04; More…

Intraday bias in USD/JPY remains neutral for the moment. Consolidation from 113.13 temporary could extend and another fall cannot be ruled out. But as long as 111.82 resistance turned support holds, further rise is expected. Decisive break of 113.17 will resume whole rally from 104.62 and target 114.73 resistance next. Nonetheless, break of 111.82 will extend the consolidation pattern from 113.17 with another decline.

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) 131.79; (P) 132.35; (R1) 133.18; More…

Intraday bias in USD/JPY remains on the upside for the moment. Current rise from 127.20 short term bottom is in progress. Firm break of 55 day EMA (now at 133.26) will target 38.2% retracement of 151.93 to 127.20 at 136.64, even just as a correction to the decline from 151.93. For now, risk will stay mildly on the upside as long as 127.20 support holds, in case of retreat.

In the bigger picture, prior of 55 week EMA (now at 131.39) 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) 130.50; (P) 130.79; (R1) 130.96; More…

Intraday bias in USD/JPY remains on the downside for the moment. Current decline from 151.93 is in progress. Firm break of 61.8% projection of 148.44 to 133.61 from 138.16 at 128.99 could trigger downside acceleration to 100% projection at 123.33. For now, outlook will remain bearish as long as 134.49 support holds, in case of recovery.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.65) would raise the chance of bearish trend reversal. Deeper fall would be seen to 61.8% retracement of 102.58 to 151.93 at 121.43. This will now remain the favored case as long as 55 day EMA (now at 137.54) holds.