Daily Pivots: (S1) 110.95; (P) 111.41; (R1) 111.72; More…

For now, intraday bias in USD/JPY stays mildly on the downside for 110.58 support. Break will extend the correction from 113.17. But still, we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, above 112.14 will target a test on 113.17 high.

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.

USD/JPY recovered to 112.13 last week but reversed since then. The development suggests that correction from 113.17 is in progress and could have started the third leg. Initial bias is mildly on the downside for 110.58 and below. But after all, we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, above 112.14 will target a test on 113.17 high.

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.

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) 111.40; (P) 111.57; (R1) 111.83; More…

USD/JPY is staying in tight range of 111.24/112.14 and intraday bias remains neutral for the moment. With 111.24 minor support intact, further rise is still mildly in favor. Above 112.14 will target 113.17 resistance next. Firm break there will resume larger rally from 104.62 for 114.73 key resistance next. On the downside, below 111.24 minor support might extend the corrective fall from 113.17 with another decline. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 111.40; (P) 111.57; (R1) 111.83; More…

USD/JPY is staying in tight range between 111.24 and 112.14. Intraday bias stays neutral first. With 111.24 minor support intact, further rise is still mildly in favor. Above 112.14 will target 113.17 resistance next. Firm break there will resume larger rally from 104.62 for 114.73 key resistance next. On the downside, below 111.24 minor support might extend the corrective fall from 113.17 with another decline. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 111.35; (P) 111.75; (R1) 112.11; More…

Intraday bias in USD/JPY remains neutral for the moment. With 111.24 minor support intact, further rise is still mildly in favor. Above 112.14 will target 113.17 resistance next. Firm break there will resume larger rally from 104.62 for 114.73 key resistance next. On the downside, below 111.24 minor support might extend the corrective fall from 113.17 with another decline. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 111.35; (P) 111.75; (R1) 112.11; More…

Intraday bias in USD/JPY is turned neutral as it retreats deeply after hitting 112.14. With 111.24 minor support intact, further rise is still in favor. Above 112.14 will target 113.17 resistance next. Firm break there will resume larger rally from 104.62 for 114.73 key resistance next. On the downside, below 111.24 minor support might extend the corrective fall from 113.17 with another decline. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 111.11; (P) 111.53; (R1) 112.30; More…

Intraday bias in USD/JPY remains on the upside for the moment. Current rebound from 110.58 should target a test on 113.18 resistance first. Firm break there will resume larger rally from 104.62 for 114.73 key resistance next. On the downside, below 111.24 minor support might extend the corrective fall from 113.17 with another decline. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 111.11; (P) 111.53; (R1) 112.30; More…

USD/JPY’s rebound from 110.58 is still in progress and intraday bias remains on the upside for retesting 113.17 resistance first. Break there will resume larger rally from 104.62 for 114.73 key resistance next. On the downside, below 111.24 minor support might extend the corrective fall from 113.17 with another decline. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 110.92; (P) 111.04; (R1) 111.20; More…

USD/JPY’s strong rebound and firm break of 110.58 minor resistance indicates that pull back from 113.17 has completed at 110.58 already. Intraday bias is back on the upside for retesting 113.17 first. Break there will resume larger rally from 104.62 for 114.73 key resistance. On the downside, below 110.58 will extend the correction from 113.17. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound.

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) 110.92; (P) 111.04; (R1) 111.20; More…

USD/JPY spikes higher to 111.43 earlier today but upside is limited below 111.53 minor resistance. Intraday bias stays neutral for consolidation above 110.58 temporary low. with 111.53 intact, deeper fall is expected. On the downside, below 110.58 will extend the corrective fall from 113.17. But in that case, we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 will turn bias to the upside for retesting 113.17 high.

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) 110.79; (P) 111.02; (R1) 111.26; More…

USD/JPY is staying in consolidation from 110.58 temporary low. Intraday bias remains neutral first. Still, as long as 111.53 minor resistance holds, correction from 113.17 could extend lower. Below 110.58 will turn bias to the downside. But we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 will turn bias to the upside for retesting 113.17 high.

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) 110.79; (P) 111.02; (R1) 111.26; More…

Intraday bias in USD/JPY remains neutral for consolidation above 110.58 temporary low. As long as 111.53 minor resistance holds, correction from 113.17 could extend lower. Below 110.58 will turn bias to the downside. But we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 will turn bias to the upside for retesting 113.17 high.

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.

USD/JPY’s correction from 113.17 short term top extended to 110.58 last week and formed a temporary low there. Initial bias is neutral this week first. As long as 111.53 minor resistance holds, deeper fall is mildly in favor. However, we’d expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 will turn bias to the upside for retesting 113.17 high.

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.

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) 110.80; (P) 111.02; (R1) 111.46; More…

USD/JPY is still staying in tight range above 110.58 temporary low. Intraday bias stays neutral. Also, with 111.53 minor resistance intact, the corrective fall from 113.17 could extend lower. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 minor resistance will turn bias to the upside for retesting 113.17 high first.

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) 110.80; (P) 111.02; (R1) 111.46; More…

Intraday bias in USD/JPY remains neutral first. With 111.53 minor resistance intact, the corrective fall from 113.17 could extend lower. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 minor resistance will turn bias to the upside for retesting 113.17 high first.

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) 110.63; (P) 111.01; (R1) 111.35; More…

With 111.53 minor resistance intact, the corrective fall from 113.17 could extend lower. But downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, break of 111.53 minor resistance will turn bias to the upside for retesting 113.17 high first.

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) 110.63; (P) 111.01; (R1) 111.35; More…

Break of 110.74 temporary low indicates correction from 113.17 has resumed. Intraday bias is back to the downside for 38.2% retracement of 104.62 to 113.17 at 109.90. Strong support should be seen from 109.90 to contain downside and bring rebound. On the upside, break of 111.53 minor resistance will turn bias to the upside for retesting 113.17 high first.

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) 110.93; (P) 111.23; (R1) 111.49; More…

Intraday bias in USD/JPY remains neutral at this point. On the downside, below 110.74 will extend the correction from 113.17 to 38.2% retracement of 104.62 to 113.17 at 109.90. But downside should be contained there to bring rebound. On the upside, break of 113.17 is needed to confirm rally resumption. Otherwise, we’d expect more consolidation in near term first.

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) 110.93; (P) 111.23; (R1) 111.49; More…

USD/JPY is staying in consolidation above 110.74 and intraday bias remains neutral. On the downside, below 110.74 will extend the correction from 113.17 to 38.2% retracement of 104.62 to 113.17 at 109.90. But downside should be contained there to bring rebound. On the upside, break of 113.17 is needed to confirm rally resumption. Otherwise, we’d expect more consolidation in near term first.

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) 110.89; (P) 111.22; (R1) 111.68; More…

Intraday bias in USD/JPY remains neutral for the moment. On the downside, below 110.74 will extend the correction from 113.17 to 38.2% retracement of 104.62 to 113.17 at 109.90. But downside should be contained there to bring rebound. On the upside, break of 113.17 is needed to confirm rally resumption. Otherwise, we’d expect more consolidation in near term first.

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.