Daily Pivots: (S1) 109.99; (P) 110.22; (R1) 110.59; More…

Intraday bias in USD/JPY remains neutral at this point. On the downside, below 109.54 will extend the corrective pattern from 111.39 with another falling leg to 108.10 and possibly below. But, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. On the upside, above 110.89 will extend the rise from 108.10 towards 111.39. But we’d be cautious on strong resistance from there to limit upside.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.99; (P) 110.22; (R1) 110.59; More…

USD/JPY’s rebound from 109.54 extends higher today but stays below 110.89. Intraday bias remains neutral first. On the upside, break of 110.89 will extend the rise from 108.10 towards 111.39. But we’d be cautious on strong resistance from there to limit upside. Corrective pattern from 111.39 could extend with another falling leg. Break of 109.54 will target 108.10 and possibly below. But, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.54; (P) 110.07; (R1) 110.60; More…

Intraday bias in USD/JPY remains neutral for the moment. We maintain the view that corrective pattern from 111.39 is unfolding with fall from 110.89 as the third leg. Deeper decline is expected and below 109.54 will target 108.10 and possibly below. But, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. On the upside, though, above 110.89 will bring retest of 111.39 instead.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.54; (P) 110.07; (R1) 110.60; More…

USD/JPY recovered after hitting 109.54 and intraday bias is turned neutral first. Outlook remains unchanged. Price actions from1 111.39 are viewed as a corrective pattern, with fall from 110.89 as the third leg. Below 109.54 will target 108.10 and possibly below. But, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. On the upside, though, above 110.89 will bring retest of 111.39 instead.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.32; (P) 110.53; (R1) 110.77; More…

Intraday bias in USD/JPY remains on the downside for the moment. Fall from 110.89 is seen as the third leg of the corrective pattern from 111.39. Deeper decline would be seen to 108.10 support and possibly below. But, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. On the upside, above 110.89 will bring retest of 111.39 instead.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.32; (P) 110.53; (R1) 110.77; More…

USD/JPY’s break of 109.91 minor support suggests that corrective rebound from 108.10 has completed at 110.89 already. Intraday bias is turned back to the downside for 108.10 support and possibly below. Fall from 110.89 is seen as the third leg of consolidation pattern from 111.39. Hence, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. On the upside, above 110.89 will bring retest of 111.39 instead.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.40; (P) 110.65; (R1) 110.92; More…

With 109.91 minor support, further rise is still in favor for 111.39 resistance. Break there will resume larger rebound from 104.62 and target 114.73 resistance. On the downside, though, break of 109.91 will turn bias to the downside and bring another fall towards 108.10 to extend the corrective pattern from 111.39.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.40; (P) 110.65; (R1) 110.92; More…

USD/JPY continues to lose upside momentum as seen in 4 hour MACD. With 109.91 minor support intact, further rise is mildly in favor for 113.39 resistance. Break there will resume larger rebound from 104.62 and target 114.73 resistance. On the downside, though, break of 109.91 will turn bias to the downside and bring another fall towards 108.10 to extend the corrective pattern from 111.39.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

USD/JPY’s rebound from 108.10 extended higher last week even though it lost some upside momentum. Initial bias stays mildly on the upside for 113.39 resistance. Break there will resume larger rebound from 104.62 and target 114.73 resistance. On the downside, though, break of 109.91 will turn bias to the downside and bring another fall towards 108.10 to extend the corrective pattern from 111.39.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 top is viewed as an impulsive move, no change in this view. Price actions from 125.85 are seen as a corrective move 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) 110.13; (P) 110.41; (R1) 110.91; More…

For now, intraday bias in USD/JPY stays cautiously on the upside for 111.39 resistance. Break there will resume larger rebound from 104.62 and target 114.73 resistance. On the downside, though, break of 109.91 will turn bias to the downside and bring another fall towards 108.10 to extend the corrective pattern from 111.39.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.13; (P) 110.41; (R1) 110.91; More…

Break of 110.84 suggests resumption of rebound from 108.10. Intraday bias is turned back to the upside for 111.39 high first. Break there will resume larger rebound from 104.62 and target 114.73 resistance. On the downside, though, break of 109.91 will turn bias to the downside and bring another fall towards 108.10 to extend the corrective pattern from 111.39.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.12; (P) 110.49; (R1) 110.70; More…

USD/JPY is drawing support from 4 hour 55 EMA but it’s bounded in range below 110.84 so far. Intraday bias remains neutral. Overall outlook is unchanged that price actions from 111.39 are developing into a corrective pattern. Below 109.18 will start the third leg to 108.10 and possibly below to complete the pattern. Above 110.84 will bring retest of 111.39 first. Break will resume the whole rebound from 104.62.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.12; (P) 110.49; (R1) 110.70; More…

USD/JPY lost upside momentum after hitting 110.84 and intraday bias is turned neutral. Overall outlook is unchanged that price actions from 111.39 are developing into a corrective pattern. Below 109.18 will start the third leg to 108.10 and possibly below to complete the pattern. Above 110.84 will bring retest of 111.39 first. Break will resume the whole rebound from 104.62.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.06; (P) 110.28; (R1) 110.58; More…

USD/JPY retreats mildly after hitting 110.71. But intraday bias stays on the upside for 111.39 resistance. Break there will resume the whole rebound from 104.62. On the downside, break of 109.18 will extend the consolidation from 111.39 with another decline towards 108.10 support.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 110.06; (P) 110.28; (R1) 110.58;  More…

USD/JPY’s rise from 108.10 is still in progress and intraday bias remains on the upside for 111.39. Break there will resume the whole rebound from 104.62. On the downside, break of 109.18 will extend the consolidation from 111.39 with another decline towards 108.10 support.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.52; (P) 109.82; (R1) 110.33; More…

Intraday bias in USD/JPY remains on the upside for the moment. Current rebound from 108.10 should target a test on 111.39 resistance first. Decisive break there will resume the whole rebound from 104.62. On the downside, break of 109.18 will extend the consolidation from 111.39 with another decline towards 108.10 support.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.52; (P) 109.82; (R1) 110.33; More…

Break of 110.26 minor resistance suggests that rebound from 108.10 has resumed. Intraday bias in USD/JPY is turned back to the upside for 111.39 resistance first. Decisive break there will resume the whole rebound from 104.62. On the downside, break of 109.18 will extend the consolidation from 111.39 with another decline towards 108.10 support.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.20; (P) 109.53; (R1) 109.87; More…

Intraday bias in USD/JPY remains neutral with focus on 110.26 minor resistance. Break there will resume the rebound from 108.10 for a test on 111.39 high. On the downside, below 109.18 will bring another fall to 108.10 or below. Overall, price actions from 111.39 are viewed as a corrective pattern which might extend. But in case of deeper fall, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

Daily Pivots: (S1) 109.20; (P) 109.53; (R1) 109.87; More…

With the current strong rebound, intraday bias in USD/JPY is turned neutral, with focus back on 110.26 resistance. Break there will resume the rebound from 108.10 for a test on 111.39 high. On the downside, below 109.18 will bring another fall to 108.10 or below. Overall, price actions from 111.39 are viewed as a corrective pattern which might extend. But in case of deeper fall, we’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

USD/JPY rebounded to 110.26 last week but reversed since then. Such rebound from 108.10 is likely completed. Initial bias is mildly on the downside for 108.10 support or below. Nonetheless, price actions from 111.39 are seen as a corrective pattern. We’d expect strong support from 61.8% retracement of 104.62 to 111.39 at 107.20 to contain downside and bring rebound. Meanwhile, break of 110.26 resistance will resume the rebound to 111.39 resistance next.

In the bigger picture, at this point, we’re slightly favoring the case that corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Above 111.39 will affirm this view and target 114.73 for confirmation. However, it should be noted that USD/JPY is bounded in medium term falling channel from 118.65 (2016 high). Sustained break of 61.8% retracement of 104.62 to 111.39 at 107.20 will likely resume the fall from 118.65 through 104.62 low.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 top is viewed as an impulsive move, no change in this view. Price actions from 125.85 are seen as a corrective move 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.