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The USD is strong across the board after FED raised rates by 75bp yesterday, while stocks turned down. We see USD at new highs vs plenty of currencies, including JPY after no change from the BoJ policy decisions. We see USDJPY trading at a new high after breaking out of a triangle as expected, so there can be a fifth wave now in late stages with the first resistance at 147 followed by the second one at 148. 148 is also very big and important level back from 1998 when BoJ intervented in the FX market and caused a sharp sell-off on USDJPY that lasted a few years.

Daily Pivots: (S1) 161.76; (P) 162.86; (R1) 163.47; More...

Intraday bias in GBP/JPY remains on the downside as fall from 169.10 accelerates lower. Break of 159.42 support will be an early sign of larger reversal, and target 155.57 support next. On the upside, though, above 162.28 minor resistance will turn bias neutral first, and extend the sideway pattern from 168.40.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 141.07; (P) 142.33; (R1) 143.02; More....

EUR/JPY's decline from 145.62 accelerates lower today but stays above 138.38 support turned resistance. Intraday bias stays neutral first. Larger up trend is still in favor to continue through 145.62 at a later stage. However, firm break of 138.38 will be an early indication of reversal, and target 135.50 support next.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 133.38 support holds. Next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

Daily Pivots: (S1) 0.8705; (P) 0.8737; (R1) 0.8762; More...

EUR/GBP is staying in consolidation from 0.8786 and intraday bias remains neutral first. Some consolidations could be seen but downside should be contained by 0.8624 support to bring another rally. On the upside, break of 0.8786 will resume larger rise from 0.8201 to 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

Daily Pivots: (S1) 1.4759; (P) 1.4854; (R1) 1.4935; More...

Intraday bias in EUR/AUD stays neutral for the moment, and further rise is in favor as long as 1.4663 minor support holds. On the upside, break of 1.4965 will resume the rise from 1.4281 towards 1.5396 resistance. On the downside, however, break of 1.4663 minor support will turn bias back to the downside for retesting 1.4281 low.

In the bigger picture, down trend from 1.9799 is still in progress. Break of 1.4318 low will target 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). This will remain the favored case now as long as 1.5396 resistance holds.

Daily Pivots: (S1) 0.9471; (P) 0.9548; (R1) 0.9588; More....

Intraday bias in EUR/CHF is turned neutral first as it rebounded strongly after dipping to 0.9464. On the upside, break of 0.94680 will bring stronger rise back to 0.9864 resistance. Decisive break there will indicate near term reversal. On the downside, below 0.9464 will resume larger down trend.

In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9864 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Yen reverses earlier decline and rebounds strongly, after a top currency diplomat confirmed that the government have intervened in the foreign exchange market for the first time since 1998. Masato Kanda , vice finance minister for international affairs, told reporters, "we have taken decisive action" on in the markets.

USD/JPY is hammed down after jumping to 145.89 earlier today, on hawkish Fed. It now seems that Japan could become more active when USD/JPY get close to 1998 high at 147.68.

Daily Pivots: (S1) 1.3394; (P) 1.3432; (R1) 1.3505; More...

Intraday bias in USD/CAD remains on the upside for the moment. Current up trend should target medium term fibonacci level at 1.3650. On the downside,below 1.3343 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2716 support holds.

Daily Pivots: (S1) 0.6601; (P) 0.6653; (R1) 0.6684; More...

Intraday bias in AUD/USD stays on the downside at this point. Current down trend should target 0.6461 long term fibonacci level. On the upside, above 0.6698 support turned resistance will turn intraday bias neutral and bring consolidations. But outlook will now remain bearish as long as 0.6915 resistance holds, in case of recovery.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7135 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 143.39; (P) 144.05; (R1) 144.74; More...

USD/JPY's rally resumes by breaking 114.98 and intraday bias is back on the upside. Current up trend should target 147.68 long term resistance. Break there will target 161.8% projection of 126.35 to 139.37 from 130.38 at 151.44 next. On the downside, break of 142.63 minor support will turn intraday bias neutral again first.

In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). Further rise should be seen to 147.68 (1998 high). For now, break of 130.38 support is needed to be the first indication of medium term topping. Otherwise, outlook will stay bullish even in case of deep pull back.