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The US Dollar started a strong upward move above the 116.50 resistance against the Japanese Yen. The USD/JPY pair traded above the 117.50 level to move into a bullish zone.

The pair even traded above 118.00 and settled above the 50 hourly simple moving average. A high is formed near 118.42 and the pair is now consolidating gains. An immediate support is near 118.15 and a connecting bullish trend line on the hourly chart.

The next major support sits near the 118.10 level, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 117.50 level.

On the upside, an immediate resistance is near the 118.40 level. A clear break above the 118.40 resistance could push the price towards 118.80. The next major resistance is near the 119.50 level or 120.00 on FXOpen.

Daily Pivots: (S1) 153.41; (P) 154.05; (R1) 154.86; More...

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. With 155.20 resistance intact, further decline is expected. On the downside, below 152.97 minor support will turn bias back to the downside for 150.95 support first. Break will resume the decline form 158.04, as part of the consolidation from 158.19, to 148.94 support next. However, firm break of 155.20 will bring stronger rise back to 158.04/19 resistance zone.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 129.16; (P) 129.60; (R1) 129.91; More....

Intraday bias in EUR/JPY remains mildly on the upside and outlook is unchanged. With break of 55 day EMA, the corrective pattern from 134.11 might have completed at 124.37 already. Further rise should be seen to 133.13/134.11 resistance zone. This will now be the mildly favored case as long as 127.40 minor support holds. Nevertheless, break of 127.40 will bring retest of 124.37 instead.

In the bigger picture, medium term outlook remains neutral for now. Price actions from 134.11 are so far still seen as a corrective pattern. That is, rise from 114.42 (2020 low) is in favor to resume at a later stage. But before that, the corrective pattern from 134.11 could still extend further, sideway or downward. In the latter case, break of of 124.37 will target 61.8% retracement of 114.42 to 134.11 at 121.94.

Daily Pivots: (S1) 0.8369; (P) 0.8413; (R1) 0.8439; More...

EUR/GBP edged higher to 0.8454 but quickly retreated. Intraday bias remains neutral first. On the upside, above 0.8454 will target 0.8476 structural resistance first. Firm break there will carry larger bullish implication and target 0.8598 resistance next. On the downside, break of 0.8315 minor support will retain near term bearishness, and bring retest of 0.8201 low.

In the bigger picture, the down trend from 0.9499 is expected to continue as long as 0.8476 resistance holds. Sustained trading below 0.8276 support will argue that the whole up trend from 0.6935 (2015 low) has reversed. Deeper fall should be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917 next. However, firm break of 0.8476 will indicate medium term bottoming at least. Focus will be back on 55 week EMA (now at 0.8534) for more evidence of bullish reversal.

Daily Pivots: (S1) 1.5153; (P) 1.5241; (R1) 1.5304; More...

Intraday bias in EUR/AUD neutral and outlook is unchanged. As long as 1.5354 support turned resistance holds, further decline is still expected. On the downside, break of 1.4920 minor support should resume larger down trend to 161.8% projection of 1.6343 to 1.5354 from 1.6223 at 1.4476. However, sustained break of 1.5354 will bring stronger rise back towards 1.6223 resistance.

In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. Next target is 61.8% projection of 1.9799 to 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Daily Pivots: (S1) 1.0264; (P) 1.0301; (R1) 1.0346; More....

Intraday bias in EUR/CHF remains mildly on the upside at this point. Rebound from 0.9970 is probably correcting whole down trend from 1.1149. Next target is 38.2% retracement of 1.1149 to 0.9970 at 1.0420. On the downside, however, break of 1.0184 support will turn bias back to the downside for retesting 0.9970 low instead.

In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. Firm break there will target 100% projection at 0.9650. In any case, break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 1.2728; (P) 1.2799; (R1) 1.2837; More...

Intraday bias in USD/CAD remains neutral as range trading continues. On the upside, break of 1.2899 will target 1.2963 resistance first. Break there will target key long term fibonacci level at 1.3022. However, break of 1.2586 will bring retest of 1.2448 support instead.

In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.

Daily Pivots: (S1) 0.7165; (P) 0.7196; (R1) 0.7226; More...

Intraday bias in AUD/USD remains neutral and outlook is unchanged. Further rally will remain in favor as long as 0.7093 support holds. As noted before, larger decline from 0.8006 might have completed at 0.6966 already. Above 0.7440 will resume the rise from 0.6966 for 0.7555 resistance next. However, firm break of 0.7093 will dampen this bullish case and bring retest of 0.6966 low instead.

In the bigger picture, focus remains on 0.6991 key structural support. Sustained break there will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461. Meanwhile, strong rebound from 0.6991 will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress for another rise through 0.8006 at a later stage.

Daily Pivots: (S1) 117.86; (P) 118.15; (R1) 118.59; More...

Intraday bias in USD/JPY remains neutral for consolidation below 118.44 temporary top. In case of deeper retreat, downside should be contained above 116.34 resistance turned support to bring rally resumption. On the upside, firm break of 118.65 will target 100% projection of 109.11 to 116.34 from 114.40 at 121.63.

In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 125.85 (2015 high) and raise the chance of long term up trend resumption. This will remain the favored case as long as 113.46 support holds.

Daily Pivots: (S1) 0.9380; (P) 0.9406; (R1) 0.9438; More....

A temporary top is in place at 0.9430 in USD/CHF with 4 hour MACD crossed below signal line. Intraday bias is turned neutral for some consolidations. But retreat should be contained above 0.9304 resistance turned support to bring another rally. On the upside, above 0.9430 will target 0.9471 resistance first. Break there will resume whole rally from 0.8756 to 61.8% projection of 0.8756 to 0.9471 from 0.9090 at 0.9532.

In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that whole down trend form 1.0342 (2016 high), has completed with waves down to 0.8756. A medium term up trend should be set up to target 1.0237/0342 resistance zone.