Daily Pivots: (S1) 92.30; (P) 93.94; (R1) 94.82
USD/JPY recovers mildly after hitting 92.64 earlier today. Though, at this point, intraday bias remains on the downside as long as 94.25 minor resistance holds. Decline from 100.54 could extend further to retest 90.92 low. On the upside, above 94.25 will turn intraday outlook neutral first. Also, note that the lack of impulsive structure of the fall from 100.54 so far is still arguing that it might be part of the consolidation that started at 90.92. Above 95.74 will indicate that fall from 100.54 has possibly completed. The corrective structure in turn suggests that rebound from 90.92 is still in progress and stronger rally should be seen to 100.54 or above before completion. Read the rest of this entry »
Daily Pivots: (S1) 95.19; (P) 96.17; (R1) 96.68
USD/JPY’s break of the intraday trend line support with 4 hours MACD dragged down signal line argues that fall from 100.54 might be resuming. Intraday bias is now mildly on the downside and near term focus is turned to 94.47 minor support. Break will confirm this scenario and bring deeper fall to retest 90.92 low first. On the other hand, above 97.13 minor resistance will revive the case that rebound from 90.92 is still in progress for 100.54 or above before completion.
Read the rest of this entry »
USD/JPY spiraled lower to 93.55 last week but downside momentum was rather unconvincing. So far, the structure of the fall from 100.54 to 93.55 is still looking corrective, arguing that rebound from 90.92 is not over. Anyway, with 4 hours MACD crossed above signal line, initial outlook is neutral this week. Break of 98.18 will favor the case that rise 90.92 is still in progress and another rally could be seen to 100.54 or above before completion. On the downside, though, below 93.55 will indicate that fall from 100.54 is still in progress and will continue to target 90.92 low. Read the rest of this entry »
Daily Pivots: (S1) 95.19; (P) 96.17; (R1) 96.68
USD/JPY’s break of the intraday trend line support with 4 hours MACD dragged down signal line argues that fall from 100.54 might be resuming. Intraday bias is now mildly on the downside and near term focus is turned to 94.47 minor support. Break will confirm this scenario and bring deeper fall to retest 90.92 low first. On the other hand, above 97.13 minor resistance will revive the case that rebound from 90.92 is still in progress for 100.54 or above before completion.
Read the rest of this entry »
Daily Pivots: (S1) 97.26; (P) 97.96; (R1) 98.44
USD/JPY recovers mildly but after all it’s still staying in tight range of 96.35 and 100.54. Outlook remains neutral for the moment. As discussed before, rebound from 90.92 could have completed at 100.54 already. Break of 96.35 minor support will confirm and bring deeper decline to retest 90.92 low. On the upside, above however, 100.54 will indicate that such rise from 90.92 is still in progress for 103.06 cluster resistance (61.8% retracement of 110.66 to 90.92 at 103.12).
In the bigger picture, stronger than expected rebound from 90.92 mixed up the near term picture. Nevertheless, as long as 103.06 cluster resistance holds, medium term outlook remains bearish. Prior break of 95.77 low confirms that whole down trend from 124.13 has resumed and should target 100% projection of 124.13 to 95.77 from 110.66 at 82.3 next. Also, note that the current development clears out the long term picture too. Price actions that started from 79.75 (95 low) has completed in form of a triangle that needed with five waves to 124.13. In other words fall from 124.13 is just part of an even larger scale down trend which could extend further to retest 79.75 low.
On the upside, sustained break of 103.06 cluster resistance will firstly argue that fall from 110.66 has completed. Secondly, it will also argue that a medium term low is in place at 90.92 and outlook will be turned neutral with focus back to 110.66 high.
USD/JPY Weekly Outlook
USD/JPY rebounded strongly to as high as 99.68 last week but stalled there and turned into sideway trading. Intraday bias was turned neutral but there was no confirmation of completion of such rise yet. Above 99.12 will bring further rebound to above 99.68 resistance, with focus on 103.06 cluster resistance (61.8% retracement of 110.66 to 90.92 at 103.12). On the downside, break of 94.23 support will confirm that rebound from 90.92 has completed and will bring retest of this low first. Read the rest of this entry »
