[m.youssif]

Intraday bias in USD/JPY remains neutral for the moment. As noted before, with 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) intact, we'd still expect rebound from 76.40 to resume sooner or later. Above 83.77 minor resistance will flip bias back to the upside for 85.51 and then 61.8% retracement of 94.97 to 76.40 at 87.87. However, note that sustained break of 81.97 will dampen this bullish view and turn focus to 80.50 support instead.

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 85.17) 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 support is needed to invalidate this view, otherwise, outlook will remain cautiously bullish.

[m.youssif]

Intraday bias in USD/JPY remains neutral for the moment. As noted before, with 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) intact, we'd still expect rebound from 76.40 to resume sooner or later. Above 83.77 minor resistance will flip bias back to the upside for 85.51 and then 61.8% retracement of 94.97 to 76.40 at 87.87. However, note that sustained break of 81.97 will dampen this bullish view and turn focus to 80.50 support instead.

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 85.17) 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 support is needed to invalidate this view, otherwise, outlook will remain cautiously bullish.