[m.youssif]

USD/JPY is staying in tight range today but still, another rise is expected with 83.85 minor support intact. Current rally should target 61.8% retracement of 94.97 to 76.40 at 87.87 first. Sustained break there will further affirm the case of medium term reversal and should target 94.97 resistance next. On the downside, below 83.85 will indicate that a short term top is formed and bring consolidations. But downside should be contained well above 80.50 support and bring rise resumption.

In the bigger picture, current development argues that long term down trend from 124.13 has completed at 76.40 on bullish convergence condition in weekly MACD. Sustained trading above 55 weeks EMA (now at 85.62) will confirm this case and target 94.97 cluster resistance (38.2% retracement of 124.13 to 76.40) and above. On the downside, break of 80.50 is needed to invalidate this view, otherwise, outlook will remain cautiously bullish.

[m.youssif]

USD/JPY is staying in tight range today but still, another rise is expected with 83.85 minor support intact. Current rally should target 61.8% retracement of 94.97 to 76.40 at 87.87 first. Sustained break there will further affirm the case of medium term reversal and should target 94.97 resistance next. On the downside, below 83.85 will indicate that a short term top is formed and bring consolidations. But downside should be contained well above 80.50 support and bring rise resumption.

In the bigger picture, current development argues that long term down trend from 124.13 has completed at 76.40 on bullish convergence condition in weekly MACD. Sustained trading above 55 weeks EMA (now at 85.62) will confirm this case and target 94.97 cluster resistance (38.2% retracement of 124.13 to 76.40) and above. On the downside, break of 80.50 is needed to invalidate this view, otherwise, outlook will remain cautiously bullish.