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Daily Pivots: (S1) 158.29; (P) 158.68; (R1) 159.10; More....

Intraday bias in EUR/JPY remains neutral at this point. Price actions from 159.47 are seen as a corrective pattern, and another decline cannot be ruled out. Break of 156.85 will target 55 D EMA (now at 155.98) and possibly below. Nevertheless, firm break of 159.47 will resume larger up trend instead.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.

Daily Pivots: (S1) 183.93; (P) 184.60; (R1) 185.13; More...

Intraday bias in GBP/JPY remains neutral for the moment. Price actions from 186.75 are viewed as a corrective pattern. Another fall could still be seen and break of 183.35 will turn bias to the downside for 55 D EMA (now at 181.54). Nevertheless, firm break of 186.75 will resume larger up trend.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 0.9543; (P) 0.9556; (R1) 0.9570; More...

Intraday bias in EUR/CHF remains neutral for the moment as it's staying bounded in consolidation above 0.9513. With 0.9599 resistance intact, further decline is expected. On the downside, firm break of 0.9513 will resume larger down trend from 1.0095. Next target is 61.8% projection of 0.9840 to 0.9520 from 0.9646 at 0.9448.

In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9829). Down trend from 1.2004 (2018 high) is in favor to continue. Sustained break of 0.9407 will target 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. For now, this will remain the favored case as long as 0.9670 support turned resistance holds, in case of strong rebound.

USDJPY has been in a steady uptrend since the beginning of the year, posting a fresh nine-month high of 147.36 on Tuesday before paring some gains. Undoubtedly, the probability of an impending pullback appears to be heightening as the pair has surpassed the level around where the first round of intervention by the Japanese authorities took place.

The momentum indicators currently suggest that the bullish forces are fading. Specifically, the MACD is hovering below its red signal line in the positive zone, while the stochastic oscillator is set to post a bearish cross.

If buying interest wanes, the recent support of 144.53 could prove to be the first barrier for sellers to claim. Sliding beneath that floor, the price could descend towards previous resistance zones such as 142.24 and 140.90, which could now serve as support levels. Further declines could then cease at the July low of 137.23.

Alternatively, if the relentless year-to-date rally extends, the pair could initially face the recent nine-month peak of 147.36. A break above that zone could trigger an advance towards the 148.80 resistance territory observed in November 2022. Should that obstacle fail, the spotlight could turn to the 32-year high of 151.94.

Overall, USDJPY seems to be stuck in a steep uptrend, but the price has reached levels that in previous occasions the Japanese policymakers were willing to protect. Will this scenario play out again?

USDCHF reversed on Tuesday after six weeks of gains, as the bulls became tired near the resistance trendline at 0.8840 from March.

The 20- and 50-day simple moving averages (SMAs) came immediately to defend the upleg that started from the eight-year low of 0.8515 in mid-July. Traders might also keep a close eye on the 23.6% Fibonacci mark of the March-July downfall, slightly lower at 0.8760. If that base cracks, they may press the price towards the 0.8700 constraining area. Then, another deep negative correction could follow to 0.8600 if sellers stay in the driver’s seat.

Technically, a rebound in the price cannot be excluded as the RSI has not crossed below its 50 neutral mark yet, while the MACD is still hovering around its red signal line.

Still, it’s uncertain whether the pair will find sufficient buying interest to advance sustainably above the descending trendline and the 0.8840 area. The 38.2% Fibonacci mark of 0.8890 could be another headache for the bulls. If the latter gives way, the price could rise exponentially towards the 0.8980 crucial barrier and the 50% Fibonacci, while an extension above 0.9000 could clear the way towards the 200-day SMA.

In brief, USDCHF is testing a potential support zone with scope to force its way back to the important 0.8840 resistance bar. Hopes for a bullish revival could stay intact unless the price dives below 0.8760.

Daily Pivots: (S1) 1.3521; (P) 1.3580; (R1) 1.3609; More....

Intraday bias in USD/CAD is turned neutral first with current retreat. But further rally is expected as long as 1.3509 support holds. On the upside, decisive break of 1.3653 resistance there will confirm that correction from 1.3976 has completed, and target a test on this high. On the downside, however, break of 1.3509 support will indicate short term topping, and turn bias to the downside for some correction first.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3387) holds.

Daily Pivots: (S1) 0.6425; (P) 0.6456; (R1) 0.6511; More...

Intraday bias in AUD/USD remains neutral for the moment as consolidation from 0.6363 is still extending. Another recovery cannot be ruled out, but upside should be limited by 0.6615 resistance. Break of 0.6363 will resume larger fall from 0.7156 to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.

In the bigger picture, current development argues that the down trend from 0.8006 (2021 high) is still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.

Daily Pivots: (S1) 1.0810; (P) 1.0851; (R1) 1.0920; More...

EUR/USD's recovery from 1.0764 extends higher today but stays below 1.0929 resistance. Intraday bias remains neutral first, and further decline is in favor. On the downside, break of 1.0764 will resume the fall from 1.1274 to 1.0609/34 cluster support next. Nevertheless, firm break of 1.0929 will turn bias back to the upside for 1.1064 resistance instead.

In the bigger picture, fall from 1.1274 medium term top is seen as a correction to up trend from 0.9534 (2022 low). Deeper decline would be seen to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to bring rebound. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.

Daily Pivots: (S1) 1.2586; (P) 1.2621; (R1) 1.2678; More...

GBP/USD is still extending the consolidation above 1.2546 and intraday bias bias stays neutral. Also, near term outlook remains mildly bearish as long as 1.2799 resistance holds. On the downside, break of 1.2546 will resume whole fall from 1.3141 to 61.8% projection of 1.3141 to 1.2618 from 1.2799 at 1.2476. Firm break there could prompt downside acceleration to 100% projection at 1.2276.

In the bigger picture, for now, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.

Daily Pivots: (S1) 145.24; (P) 146.31; (R1) 146.94; More...

USD/JPY retreated after spiking higher to 147.36 and intraday bias is turned neutral first. Further rally remains in favor as long as 144.52 support holds. Above 147.36 will resume the rise from 127.20 to retest 151.93 high. On the downside, however, firm break of 144.52 should confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 142.86).

In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.