[m.youssif]

USD/JPY's rally resumes after brief retreat and reaches as high as 83.73 so far. Intraday bias is back on the upside for a test on 84.49 key resistance next. Break will target next medium term support turned resistance at 84.81. On the downside, below 82.56 minor support will turn intraday bias neutral and bring consolidations. But break of 80.50 support is needed to signal short term topping. Otherwise, outlook will remains cautiously bullish and we'd continue to favor further rally.

In the bigger picture, with 84.49 resistance intact, there is no confirmation of trend reversal yet and the multi-decade down trend in USD/JPY could still be in progress for a new low below 76.40. However, note that decisive break of 84.49 will argue that an important medium term bottom is formed. Focus will then turn to whether USD/JPY could sustain above 55 weeks EMA (now at 85.22). In that case, stronger rise could be seen towards 94.97 resistance and above.

[m.youssif]

USD/JPY's rally resumes after brief retreat and reaches as high as 83.73 so far. Intraday bias is back on the upside for a test on 84.49 key resistance next. Break will target next medium term support turned resistance at 84.81. On the downside, below 82.56 minor support will turn intraday bias neutral and bring consolidations. But break of 80.50 support is needed to signal short term topping. Otherwise, outlook will remains cautiously bullish and we'd continue to favor further rally.

In the bigger picture, with 84.49 resistance intact, there is no confirmation of trend reversal yet and the multi-decade down trend in USD/JPY could still be in progress for a new low below 76.40. However, note that decisive break of 84.49 will argue that an important medium term bottom is formed. Focus will then turn to whether USD/JPY could sustain above 55 weeks EMA (now at 85.22). In that case, stronger rise could be seen towards 94.97 resistance and above.