Sample Category Title

Daily Pivots: (S1) 160.28; (P) 161.04; (R1) 162.04; More...

Intraday bias in EUR/JPY is turned neutral first with current recovery. Rebound from 156.16 might have completed at 164.89 already. Risk will stay on the downside as long as 164.53 resistance holds. Below 160.02 will bring deeper fall to 156.16 support next. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 0.8379; (P) 0.8401; (R1) 0.8417; More...

EUR/GBP edges higher today as rebound from 0.8221 extends. Intraday bias stays mildly on the upside for 0.8446 resistance, despite loss of momentum. Firm break there will target 0.8624 cluster resistance zone, even as a corrective move. On the downside, below 0.8384 minor support will turn intraday bias neutral first.

In the bigger picture, considering bullish convergence condition in D MACD, decisive break of 0.8446 resistance and 55 D EMA (now at 0.8446) should confirm medium term bottoming at 0.8221, just ahead of 0.8201 key support (2022 low). Further rally should be seen towards 0.8624 key resistance, even as a correction to the down trend from 0.9267 (2022 high). Overall, however, medium term outlook will be neutral at best until decisive break of 0.8624 cluster zone (38.2% retracement of 0.9267 to 0.8221 at 0.8621). Risk will stay on the downside even in case of strong rebound.

Daily Pivots: (S1) 1.6545; (P) 1.6611; (R1) 1.6648; More...

No change in EUR/AUD's outlook as consolidation from 1.6800 is extending. Downside should be contained by 38.2% retracement of 1.5963 to 1.6800 at 1.6480 in case of another fall. Firm break of 1.6800 will resume the rally from 1.5963. However, firm break of 1.6480 will bring deeper correction 61.8% retracement at 1.6283.

In the bigger picture, EUR/AUD is holding on to 1.5996 key support despite brief breach. Larger up trend from 1.4281 (2022 low) is still in favor to resume through 1.7180 at a later stage. Nevertheless, sustained break of 1.5995 will indicate that such up trend has completed and deeper decline would be seen.

Daily Pivots: (S1) 0.9355; (P) 0.9377; (R1) 0.9417; More....

Sideway trading continues in EUR/CHF and intraday bias stays neutral. Corrective rebound from 0.9204 could still extend higher. But upside should be limited by 0.9481 fibonacci resistance. On the downside, firm break of 0.9329 support will argue that the correction has completed, and turn bias back to the downside for 0.9284 support first.

In the bigger picture, while corrective rebound from 0.9204 might extend higher, strong resistance could be seen from 38.2% retracement of 0.9928 to 0.9204 at 0.9481 to limit upside. Down trend from 0.9928 (2024 high) is still in favor to resume through 0.9204/9 support zone at a later stage.

Daily Pivots: (S1) 1.0198; (P) 1.0224; (R1) 1.0270; More...

Intraday bias in EUR/USD is turned neutral first with current recovery and some consolidations would be seen above 1.0176 temporary low. Further decline is expected as long as 1.0435 resistance holds. ON the downside, break of 1.0176 will resume the fall from 1.1213 and target 61.8% projection of 1.1213 to 1.0330 from 1.0629 at 1.0083.

In the bigger picture, fall from 1.1274 (2023 high) should either be the second leg of the corrective pattern from 0.9534 (2022 low), or another down leg of the long term down trend. In both cases, sustained break of 61.8 retracement of 0.9534 to 1.1274 at 1.0199 will pave the way back to 0.9534. For now, outlook will stay bearish as long as 1.0629 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 156.94; (P) 157.46; (R1) 157.99; More...

Intraday bias in USD/JPY remains neutral for the moment. Further rally is in favor as long as 156.0 support holds. On the upside, decisive break of 61.8% projection of 139.57 to 156.74 from 148.64 at 159.25 will extend the rally from 139.57 to retest 161.94 high. However, considering bearish divergence condition in 4H MACD, firm break of 156.01 support will indicate short term topping. Intraday bias will then be back on the downside for 55 D EMA (now at 154.37) instead.

In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.

Daily Pivots: (S1) 1.2131; (P) 1.2172; (R1) 1.2244; More...

A temporary low is formed at 1.2099 with current recovery, and intraday bias is turned neutral first. Some consolidations would be seen but outlook will stay bearish as long as 1.2486 support turned resistance holds. Break of 1.2099 will resume the decline from 1.3433 to 100% projection of 1.3433 to 1.2486 from 1.2810 at 1.1863.

In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433, and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move.

Daily Pivots: (S1) 0.9150; (P) 0.9176; (R1) 0.9196; More…

USD/CHF retreated ahead of 0.9223 key resistance and intraday bias is turned neutral for some consolidations. Near term outlook will stay bullish as long as 0.9007 support holds, in case of deep retreat. On the upside, decisive break of 0.9223 will carry larger bullish implications.

In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with rise from 0.8374 as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes. However, decisive break of 0.9223 will be an important sign of bullish trend reversal.

Daily Pivots: (S1) 0.6146; (P) 0.6162; (R1) 0.6193; More...

A temporary low as formed at 0.6130 with current recovery. Intraday bias is turned neutral first. Further decline is expected in AUD/USD as long as 0.6310 resistance holds. Break of 0.6130 will resume the fall from 0.6941 to 61.8% projection of 0.6687 to 0.6198 from 0.6301 at 0.5999. However, considering bullish convergence condition in 4H MACD, break of 0.6310 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, down trend from 0.8006 (2021 high) is resuming with break of 0.6169 (2022 low). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806, In any case, outlook will stay bearish as long as 55 W EMA (now at 0.6587) holds.

The USD/JPY pair entered a consolidation phase on Tuesday, following modest growth during the earlier two trading sessions. Today, the pair’s movements are centred around the 157.50 mark.

Despite these recovery attempts, the yen remains under pressure, with limited support for a sustained rebound. Comments from Ryozo Himino, Deputy Governor of the Bank of Japan (BoJ), did little to shift market sentiment. Himino indicated that the upcoming BoJ meeting would discuss the possibility of an interest rate hike. However, inflation expectations and price dynamics remain largely unchanged, influenced by both domestic and global risk factors. As a result, many market participants expect that the BoJ will maintain its current policy stance.

Some limited support for the yen has provided a temporary equilibrium, but this has not been sufficient to drive significant gains.

Externally, the US dollar continues to weigh on the yen. Signs of economic resilience in the US have led market participants to adjust their expectations about potential interest rate cuts in 2025. While the prevailing market consensus still points to two or three rate cuts next year, these adjustments are not expected in the near term, reinforcing the dollar’s strength against the yen.

Technical analysis of USD/JPY

On the H4 chart, the USD/JPY pair completed its upward move at the 158.87 level, followed by a downward impulse reaching 156.90. The current outlook suggests a potential upward correction towards 157.90. Should this level be achieved, the market could see a renewed decline towards the 156.00 mark, which is considered a local target. The MACD indicator supports this scenario, with its signal line below zero and decisively downwards.

On the H1 chart, the pair experienced a pullback from the 157.90 level, forming a downward wave. The consolidation range around 157.90 is nearly complete, with expectations of a breakout to the downside, likely to initiate a decline towards the 156.00 level. After reaching this target, a corrective move to 157.25 (as a test from below) is possible. Further downward movement towards 156.66 could follow, marking the primary target. The Stochastic oscillator corroborates this scenario, with its signal line below the 50 level and pointing sharply downwards.

Conclusion

The yen’s recent movements highlight an ongoing struggle to recover amid limited support factors and external pressures from the US dollar. The technical outlook suggests a potential short-term decline in USD/JPY, with key support levels at 156.00 and 156.66. However, the broader trend will depend on upcoming developments from the BoJ and shifts in market sentiment around US monetary policy.