Daily Pivots: (S1) 111.09; (P) 111.36; (R1) 111.79; More…

No change in USD/JPY’s outlook. Intraday bias remains on the upside with focus on 111.65/71 resistance zone. Sustained break there will resume the up trend from 102.58, and suggest larger bullish trend reversal. Further rally would be seen to 114.54 resistance next. On the downside, however, break of 110.92 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. Nevertheless, strong break of 111.71 resistance will confirm completion of the corrective decline from 118.65 (2016 high). Further rise should then be seen to 114.54 and then 118.65 resistance.

Daily Pivots: (S1) 108.01; (P) 108.88; (R1) 109.49; More…

Intraday bias in USD/JPY is turned neutral with a temporary low in place at 108.27. Deeper fall is still expected as long as 110.18 support turned resistance holds. Break of 108.27 will extend recent fall through 107.31 support to next fibonacci support at 106.48. Nonetheless, break of 110.18 will be the first sign of near term reversal and will turn bias back to the upside for 111.47 resistance.

In the bigger picture, current development argues that the corrective pattern from 118.65 is extending. There is risk of dropping further to 61.8% retracement of 98.97 to 118.65 at 106.48. But this level should provide strong support to contain downside and bring resumption of rise from 98.97. However, sustained break of 106.48 will now likely send USD/JPY through 98.97 to resume the corrective fall from 125.85 (2015 high).

Daily Pivots: (S1) 113.15; (P) 113.47; (R1) 113.93; More…

Intraday bias in USD/JPY is turned neutral first and some consolidations could be seen below 113.77 temporary top. Downside of retreat should be contained above 112.07 resistance turned support to bring rise resumption. Break of 113.77 will resume larger rise from 102.58 to 61.8% projection of 102.58 to 111.65 from 109.11 at 114.71. Firm break there will target 100% projection at 118.18 next.

In the bigger picture, corrective decline from 118.65 (2016 high) should have completed at 101.18 already. Rise from the 102.58 is seen as the third leg of the up trend from 101.18. Next target is 114.54 resistance and then 118.65 high. This will now be the preferred case as long as 108.71 support hold, even in case of pull back.

Daily Pivots: (S1) 109.88; (P) 110.10; (R1) 110.51; More…

Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 110.79 will resume the rebound from 108.71 to retest 111.65 high. On the downside, break of 109.10 will target 108.71 support first. Firm break there will resume the decline from 111.65 and target 38.2% retracement of 102.58 to 111.65 at 108.18 next.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. Nevertheless, strong break of 111.71 resistance will confirm completion of the corrective decline from 118.65 (2016 high). Further rise should then be seen to 114.54 and then 118.65 resistance.

Daily Pivots: (S1) 110.83; (P) 111.15; (R1) 111.69; More…

USD/JPY’s consolidation from 110.23 is extending with another rise and intraday bias stays neutral first. Break of 112.12 might be seen but upside should be limited by 61.8% retracement of 114.36 to 110.23 at 112.78 to bring fall resumption. Below 110.23 will turn bias to the downside and will likely resume the fall from 118.65 through 108.12 low. At fall from 118.65 is seen as a correction, we’ll look for bottoming signal again at 61.8% retracement of 98.97 to 118.65 at 106.48. However, sustained break of 112.78 will turn focus back to 114.36 resistance 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.

Daily Pivots: (S1) 109.42; (P) 109.79; (R1) 110.05; More…

USD/JPY’s decline accelerates today and immediate focus is now on 109.10 support. Firm break there will argue that larger fall from 111.65 is resuming. Intraday bias will be turned back to the downside for 108.71 support first, and then 38.2% retracement of 102.58 to 111.65 at 108.18 next. On the upside, break of 110.44 resistance will turn bias back to the upside for 110.79 first.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. Nevertheless, strong break of 111.71 resistance will confirm completion of the corrective decline from 118.65 (2016 high). Further rise should then be seen to 114.54 and then 118.65 resistance.

Daily Pivots: (S1) 112.56; (P) 112.82; (R1) 113.13; More…..

Intraday bias in USD/JPY remains on the upside as rebound from 112.02 is on course to 113.74 resistance. Break will resume the rise fro 110.83 and target key resistance at 114.73 next. On the downside, below 112.83 minor support will turn intraday bias neutral first. But we’ll continue to expect further rally ahead as long as 112.02 support holds.

In the bigger picture, we’re holding on to the view that correction from 118.65 is completed at 107.31. And medium term rise from 98.97 (2016 low) is going to resume soon. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this view and extend the medium term fall back to 98.97 low.

Daily Pivots: (S1) 110.69; (P) 111.09; (R1) 111.49; More…

Intraday bias in USD/JPY remains neutral for the moment. Correction from 114.73 could have completed with three waves down to 110.18, ahead of 61.8% retracement of 107.31 to 114.73 at 110.14. Above 111.47 will target 113.38 resistance first. Break of 113.38 should confirm this bullish case. However, below 110.18 will extend the correction lower. But we’d again look for bottoming signal in next fall.

In the bigger picture, we’re holding on to the view that correction from 118.65 is completed at 107.31. And medium term rise from 98.97 (2016 low) is going to resume soon. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this view and extend the medium term fall back to 98.97 low.

USD/JPY’s fall from 118.65 extended to as low as 108.52 last week. The firm break of 55 week EMA argues that rise from 98.97 is completed already. And deeper fall could be seen to 98.97 and below to extend the correction pattern from 125.85.

Initial bias in USD/JPY remains on the downside this week. Deeper fall would be seen to 61.8% retracement of 98.97 to 118.65 at 106.48. Sustained break there will pave the way back to 98.97 low. On the upside, break of 110.10 support turned resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain mildly bearish in case of recovery.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. Current development suggests that it’s not completed yet and is extending. In case of deeper decline, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77 to bring rebound. 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) 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) 108.07; (P) 108.60; (R1) 108.89; More..

Intraday bias in USD/JPY remains on the downside at this point. Fall from 110.28 is expected to target 107.65 key support next. Decisive break there will carry larger bearish implications. On the upside, break of 109.26 resistance will turn bias back to the upside for 110.28 high instead.

In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise from 104.45 is seen as a correction and the down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.

Daily Pivots: (S1) 109.53; (P) 109.78; (R1) 110.02; More..

Intraday bias in USD/JPY remains neutral first, for consolidation below 110.01 temporary top. At this point, further rise is expected as long 108.30 support holds. Above 108.30 will target 110.28 first. Break will resume larger rebound from 104.45 and target medium term channel resistance at 111.23.

In the bigger picture, there is no change in the bearish outlook yet in spite of the rebound from 104.45. The pair is staying in long term falling channel that started at 118.65 (Dec. 2016). Rise from 104.45 is seen as a correction and the down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.

Daily Pivots: (S1) 111.96; (P) 112.30; (R1) 112.86; More…

USD/JPY’s rebound from 110.83 extended further and focus is now on 112.71 resistance. Sustained break there should confirm completion of pull back from 114.73. In that case, intraday bias will be turned back to the upside for retesting 114.73 resistance. On the downside, below 111.66 minor support will turn bias to the downside and likely resume fall from 112.71 through 110.83. But in that case, we’d expect strong support below 61.8% retracement of 107.31 to 114.73 at 110.14 to bring rebound.

In the bigger picture, as long as 107.31 support holds, medium term rise from 98.97 (2016 low) is not completed yet. And another rise is in favor. Break of 114.73 resistance will target a test on 118.65 high first. However, break of 107.31 will dampen this will and extend the medium term fall back to 98.97 low.

Daily Pivots: (S1) 150.14; (P) 150.42; (R1) 150.81; More…

Intraday bias in USD/JPY remains neutral for the moment as consolidation from 150.78 is extending. Another retreat cannot be ruled out, but downside should be contained by 148.79 resistance turned support to bring rise resumption. Above 150.87 will resume the rally from 140.25 to 151.89/93 key resistance zone. Decisive break there will confirm larger up trend resumption of 155.50 projection level next. However, firm break of 148.79 will turn bias to the downside for 145.88 support.

In the bigger picture, fall from 151.89 is seen as a correction to the rally from 127.20, which might have completed at 140.25 already. Firm break of 151.89/93 resistance zone will confirm up trend resumption, and next target will be 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. This will now remain the favored case as long as 140.25 support holds.

Daily Pivots: (S1) 107.00; (P) 107.51; (R1) 107.81; More…

No change in USD/JPY’s outlook, corrective recovery from 106.78 should have completed at 108.99, after rejection by 55 day EMA. Further fall would be seen to 106.78 first. Decisive break there will resume whole decline from 112.40 and target 104.69 low. On the upside, break of 108.37 will extend the correction from 106.78 with another rise, possibly through 108.99 resistance.

In the bigger picture, decline from 118.65 (Dec 2016) is still in progress, with the pair staying inside long term falling channel. Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51. For now, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound. In any case, break of 112.40 is needed to the first serious sign of medium term bullishness. Otherwise, further decline will remain in favor in case of rebound.

Daily Pivots: (S1) 152.78; (P) 153.08; (R1) 153.58; More…

Intraday bias in USD/JPY remains on the upside at this point. Current up trend is in progress for 155.20 fibonacci projection level next. On the downside, below 153.37 minor support will turn intraday bias neutral and bring consolidations again, before staging another rally.

In the bigger picture, current rise from 140.25 is seen as the third leg of the up trend from 127.20 (2023 low). Next target is 61.8% projection of 127.20 to 151.89 from 140.25 at 155.20. Outlook will now remain bullish as long as 146.47 support holds, even in case of deep pullback.

Daily Pivots: (S1) 111.14; (P) 111.49; (R1) 112.13; More…

No change in USD/JPY’s outlook as the rebound from 110.23 might extend higher. But it’s still seen as a corrective move. Below 110.85 minor support will turn bias to the downside to extend the fall from 114.36 to 108.12 low. Break there will resume the whole decline from 118.65. In that case, we’ll look for bottoming signal again at 61.8% retracement of 98.97 to 118.65 at 106.48.

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.

Daily Pivots: (S1) 108.42; (P) 108.76; (R1) 109.07; More..

Intraday bias in USD/JPY stays mildly on the upside as rebound from 104.69 is in progress. But upside will likely be limited by 109.46 minor resistance. On the downside, below 106.74 minor support will turn bias to the downside for 104.62 low. Overall, larger downtrend from 118.65 (2016 high) is expected to resume finally through 104.62 after current consolidation from 104.69 completes.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Fall from 114.54 is seen as part of the falling leg from 118.65 (2016 high). Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level. But in that case, we’d expect strong support from 98.97 to contain downside to bring reversal. Also, this bearish case will remain the preferred one as long as 114.54 resistance holds.

Daily Pivots: (S1) 109.75; (P) 109.93; (R1) 110.02; More..

Intraday bias in USD/JPY remains on the downside at this point. Corrective fall from 110.28 is in progress to 55 day EMA (now at 109.12). Break will put focus on 107.65 key support. On the upside, break of 109.76 minor resistance will turn bias back to the upside for retesting 110.28 high instead.

In the bigger picture, USD/JPY is staying in long term falling channel that started at 118.65 (Dec. 2016). There is no clear indication of trend reversal yet. Hence, rise from 104.45 is seen as a correction and down trend could still extend through 104.45 low. However, sustained break of the channel resistance will be an important sign of bullish reversal and target 114.54 resistance for confirmation.

Daily Pivots: (S1) 107.52; (P) 107.84; (R1) 108.19; More…

Intraday bias in USD/JPY remains mildly on the downside at this point. Decline from 110.95 would continue towards 61.8% retracement of 102.58 to 110.95 at 105.77. On the upside, break of 108.53 minor resistance is needed to indicate short term bottoming. Otherwise, deeper fall will remain in favor in case of recovery.

In the bigger picture, rise from 102.58 might have completed at 110.95, as the third leg of the pattern from 101.18 low. Medium term outlook is neutral first, as the pair could have turned into sideway trading between 101.18/111.71. We’d look at the structure and momentum of the fall from 110.95 to gauge the chance of upside breakout at a later stage.