Daily Pivots: (S1) 127.07; (P) 128.25; (R1) 129.04; More…

Intraday bias in USD/JPY remains on the downside at this point. Current fall from 1.151.93 in progress for 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83. Break there will target 121.43 fibonacci level next. On the upside, above 129.3 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 134.76 resistance holds.

In the bigger picture, the firm break of 55 week EMA (now at 131.59) 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 38.2% retracement of 75.56 to 151.93 at 122.75 to bring rebound. But break of 134.76 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

USD/JPY’s decline from 151.93 resumed last week and fell to as low as 127.45. Initial bias stays on the downside this week for 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83. Break there will target 121.43 fibonacci level next. On the upside, above 129.3 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 134.76 resistance holds.

In the bigger picture, the firm break of 55 week EMA (now at 131.59) 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 38.2% retracement of 75.56 to 151.93 at 122.75 to bring rebound. But break of 134.76 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

In the long term picture, 151.93 looks increasingly likely to be a long term major top. But it’s too early to call for long term bearish reversal at this point. Rebound from around 38.2% retracement of 75.56 to 151.93 at 122.75 will keep the case open for price action from 151.93 to be just a corrective pattern.

Daily Pivots: (S1) 127.96; (P) 130.24; (R1) 131.60; More…

Intraday bias in USD/JPY remains on the downside for the moment. Current decline from 151.93 should target 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83 next. On the upside, above 131.29 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 134.76 resistance 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 131.73) 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 136.06) holds.

Daily Pivots: (S1) 127.96; (P) 130.24; (R1) 131.60; More…

USD/JPY’s decline from 151.93 resumed by breaking through 129.49 support. Intraday bias is back on the downside for 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83 next. On the upside, above 131.29 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 134.76 resistance 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 131.73) 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 136.06) holds.

Daily Pivots: (S1) 132.09; (P) 132.48; (R1) 132.89; More…

Immediate focus is now on 129.49 support in USD/JPY. Firm break there will resume whole decline from 151.93. Intraday bias will be back on the downside for 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83. On the upside, however, break of 132.86 resistance will indicate short term bottoming, and bring rebound to 134.76 resistance and above.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 136.34) holds.

Daily Pivots: (S1) 132.09; (P) 132.48; (R1) 132.89; More…

Intraday bias in USD/JPY remains neutral at this point. On the upside, firm break of 134.76 resistance should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

Daily Pivots: (S1) 131.60; (P) 132.04; (R1) 132.68; More…

No change in USD/JPY’s outlook as range trading continues. Intraday bias remains neutral at this point. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

Daily Pivots: (S1) 131.60; (P) 132.04; (R1) 132.68; More…

Range trading continues in USD/JPY and intraday bias remains neutral for the moment. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

Daily Pivots: (S1) 131.25; (P) 131.95; (R1) 132.60; More…

USD/JPY is still bounded in range above 129.49 and intraday bias stays neutral. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

Daily Pivots: (S1) 131.25; (P) 131.95; (R1) 132.60; More…

Intraday bias in USD/JPY remains neutral for the moment as range trading continues. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

Daily Pivots: (S1) 131.14; (P) 132.96; (R1) 133.92; More…

Range trading continues in USD/JPY and intraday bias remains neutral at this point. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

Daily Pivots: (S1) 131.14; (P) 132.96; (R1) 133.92; More…

Intraday bias in USD/JPY remains neutral for the moment. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

USD/JPY rebounded after dipping to 129.49 last week, but failed to break through 134.49 resistance decisively. Initial bias remains neutral this week first. On the upside, firm break of 134.49 should confirm short term bottoming, and bring stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium term top was in place at 151.93. Sustained trading below 55 week EMA (now at 131.73) 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 137.08) holds.

In the long term picture, rise from 102.58, as part of the up trend from 75.56 (2011 low) was put to a halt at 151.93, just ahead of 100% projection of 75.56 to 125.85 from 102.58 at 152.87. There is no clear sign of long term reversal yet. Such up trend is expected to resume at a later stage, as long as 125.85 resistance turned support holds.

Daily Pivots: (S1) 132.06; (P) 133.06; (R1) 134.42; More…

Immediate focus remains on 134.49 resistance in USD/JPY. Considering bullish convergence condition in 4 hour MACD, firm break of 134.49 should confirm short term bottoming. Bias will be turned back to the upside for 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06. On the downside, break of 129.49 will resume the whole decline from 151.93 instead.

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 137.26) holds.

Daily Pivots: (S1) 132.06; (P) 133.06; (R1) 134.42; More…

Intraday bias in USD/JPY stays neutral first with focus on 134.49 resistance. Considering bullish convergence condition in 4 hour MACD, firm break of 134.49 should confirm short term bottoming. Bias will be turned back to the upside for 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06. On the downside, break of 129.49 will resume the whole decline from 151.93 instead.

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 137.26) holds.

Daily Pivots: (S1) 130.82; (P) 131.77; (R1) 133.61; More…

USD/JPY’s rebound from 129.49 extends higher today but stays below 134.49 resistance. Intraday bias remains neutral first. Considering bullish convergence condition in 4 hour MACD, firm break of 134.49 should confirm short term bottoming. Bias will be turned back to the upside for 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06. On the downside, break of 129.49 will resume the whole decline from 151.93 instead.

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 137.26) holds.

Daily Pivots: (S1) 130.82; (P) 131.77; (R1) 133.61; More…

Intraday bias in USD/JPY stays neutral and outlook remains bearish as long as 134.49 resistance holds. On the downside, 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. Nevertheless, break of 134.49 will turn bias to the upside for 138.16 resistance intact.

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.

Daily Pivots: (S1) 129.87; (P) 130.64; (R1) 131.76; More…

Intraday bias in USD/JPY remains neutral for the moment. Outlook stays bearish as long as 134.49 resistance holds. On the downside, 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.

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.

Daily Pivots: (S1) 129.87; (P) 130.64; (R1) 131.76; More…

Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed above signal line. But outlook stays bearish as long as 134.49 resistance holds. On the downside, 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.

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.

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.