Daily Pivots: (S1) 107.62; (P) 108.10; (R1) 109.82; More..

Intraday bias in USD/JPY remains neutral for consolidation above 107.36 temporary low. Another recovery cannot be ruled out. But upside should be limited below 109.89 minor resistance to bring another decline. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Break of 107.36 will target a test on 104.45 low.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

Daily Pivots: (S1) 107.62; (P) 108.10; (R1) 109.82; More..

A temporary low is formed at 107.36 in USD/JPY with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for some consolidations. But upside of recovery should be limited below 109.89 minor resistance to bring another decline. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Break of 107.36 will target a test on 104.45 low.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

Daily Pivots: (S1) 107.15; (P) 108.42; (R1) 109.32; More..

USD/JPY’s fall from 112.22 is still in progress and intraday bias remains on the downside. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Sustained break of 107.65 support will pave the way to retest 104.45 low. On the upside, above 108.86 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 112.22 resistance holds.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

Daily Pivots: (S1) 107.15; (P) 108.42; (R1) 109.32; More..

Intraday bias in USD/JPY remains on the downside with 108.86 minor resistance intact. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Sustained break of 107.65 support will pave the way to retest 104.45 low. On the upside, above 108.86 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 112.22 resistance holds.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

USD/JPY dropped sharply to as low as 107.51 last week as decline from 112.22 accelerated. Current development suggests that whole rise form 104.45 has completed after rejection by 112.40 resistance. Initial bias stays on the downside this week for 107.65 support. Sustained break there will pave the way to retest 104.45 low. On the upside, above 108.86 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 112.22 resistance holds.

In the bigger picture, current steep decline and rejection by 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall from 118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. Nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

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 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) 109.37; (P) 109.91; (R1) 110.21; More..

Intraday bias in USD/JPY remains on the downside for 108.30 support. Decisive break there will indicate completion of whole rise from 104.45 and turn outlook bearish. next downside target will be 107.65 support. On the upside, above 109.33 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 112.22 resistance holds.

In the bigger picture, current steep decline and rejection b y 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall fro m118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

Daily Pivots: (S1) 109.37; (P) 109.91; (R1) 110.21; More..

USD/JPY’s decline accelerates to as low as 108.84 so far and intraday bias stays on the downside for 108.30 support. Decisive break there will indicate completion of whole rise from 104.45 and turn outlook bearish. next downside target will be 107.65 support. On the upside, above 109.89 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 112.22 resistance holds.

In the bigger picture, current steep decline and rejection b y 112.40 resistance mixes up the medium term outlook again. Sustained break of 108.30 support will argue that larger fall fro m118.65 (Dec 2016) hasn’t completed. Further fall could be seen through 104.45 low. nevertheless, break of 112.40 resistance will revive the case of bullish reversal and target 114.54 key resistance for confirmation.

Daily Pivots: (S1) 110.13; (P) 110.41; (R1) 111.70; More..

Intraday bias in USD/JPY remains on the downside at this point. Prior break of 110.28 resistance turned support raised the chance of near term bearish reversal. Decisive break of 108.30 support will indicate completion of whole rise from 104.45 and turn outlook bearish. On the upside, above 111.04 minor resistance will turn intraday bias back to the upside for 112.22/40 resistance instead.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 110.13; (P) 110.41; (R1) 111.70; More..

Prior break of 110.28 resistance turned support raised the chance of near term bearish reversal. Further decline remains in favor in USD/JPY with 111.04 minor resistance intact, towards 108.30 support. Decisive break there will indicate completion of whole rise from 104.45 and turn outlook bearish. On the upside, above 111.04 minor resistance will turn intraday bias back to the upside for 112.22/40 resistance instead.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 110.14; (P) 110.91; (R1) 111.49; More..

At this point, further fall is expected with 111.04 minor resistance intact. Decline from 112.22 would target 108.30 support. Decisive break there will indicate completion of whole rise from 104.45 and turn outlook bearish. On the upside, above 111.04 minor resistance will turn intraday bias back to the upside for 112.22/40 resistance instead.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 110.14; (P) 110.91; (R1) 111.49; More..

USD/JPY’s break of 110.28 resistance turned support now raises the chance of near term bearish reversal. Intraday bias is turned back to the downside for 108.30 support next. Decisive break there will indicate completion of whole rise from 104.45 and turn outlook bearish. On the upside, above 111.04 minor resistance will turn intraday bias back to the upside for 112.22/40 resistance instead.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 110.14; (P) 110.91; (R1) 111.49; More..

USD/JPY is still holding above 110.28 resistance turned support and intraday bias remains neutral first. Another rise could be seen and firm break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next. However, sustained break of 110.28 would raise the chance that whole rise from 104.45 has completed. Deeper fall would be seen back to 108.30 support first.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 110.14; (P) 110.91; (R1) 111.49; More..

USD/JPY drops sharply to as low as 110.33 but recovered ahead of 110.28 resistance turned support. Intraday bias remains neutral and another rise is still mildly in favor. Firm break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next. However, sustained break of 110.28 would raise the chance that whole rise from 104.45 has completed. Deeper fall would be seen back to 108.30 support first.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 111.31; (P) 111.75; (R1) 112.02; More..

USD/JPY’s pull back from 112.22 extends accelerates lower today but it’s staying above 110.28 support. Intraday bias remains neutral and another rise is still mildly in favor. Firm break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next. However, sustained break of 110.28 will bring deeper fall to 108.30 support next.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high). This will remain the favored case as long as 108.30 support holds.

Daily Pivots: (S1) 111.31; (P) 111.75; (R1) 112.02; More..

Intraday bias in USD/JPY remains neutral for consolidation below 112.22 temporary top. Downside of retreat should be contained above 110.28 resistance turned support to bring rally resumption. On the upside, firm break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).

USD/JPY accelerated to as high as 112.22 last week as rise form 104.45 extended. With a temporary top formed, initial bias remains neutral this week first. Further rise is expected as long as 110.28 resistance turned support holds. On the upside, firm break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).

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 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) 111.40; (P) 111.82; (R1) 112.52; More..

A temporary top is formed at 112.22 in USD/JPY and intraday bias is turned neutral first. Downside of retreat should be contained well above 110.28 resistance turned support to bring another rally. Decisive break of 112.40 resistance will affirm medium term bullishness and target 114.54 key resistance next.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).

Daily Pivots: (S1) 111.40; (P) 111.82; (R1) 112.52; More..

Intraday bias in USD/JPY remains on the upside for 112.40 resistance. Decisive break there will affirm medium term bullishness and target 114.54 key resistance next. On the downside, below 111.11 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 110.28 resistance turned support holds.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).

Daily Pivots: (S1) 110.28; (P) 110.93; (R1) 112.02; More..

USD/JPY’s rally extends to as high as 112.19 so far and intraday bias remains on the upside. Next target is 112.40 resistance and decisive break there will affirm medium term bullishness. On the downside, below 111.11 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 110.28 resistance turned support holds.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).

Daily Pivots: (S1) 110.28; (P) 110.93; (R1) 112.02; More..

USD/JPY surges to as high as 111.59 so far and intraday bias remains on the upside. Sustained trading above long term trend line resistance will carry larger bullish implication and target 112.40 resistance next. For now, near term outlook will remain bullish as long as 109.65 support holds, in case of retreat.

In the bigger picture, current development argues that corrective fall from 118.65 (Dec 2016) might have completed with three waves down to 104.45 already. Focus is back of 114.54 key resistance. Decisive break there will confirm this case and bring resumption of whole rise from 98.97 (2016 low) towards 125.85 (2015 high).