[m.youssif]

USD/JPY's fall from 85.51 extends further to as low as 81.87 so far and at this point, intraday bias remains on the downside as long as 83.09 minor resistance holds. Sustained trading below 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) will argue that whole rebound from 76.40 is already completed at 85.51 and deeper fall should then be seen to 61.8% retracement of 76.40 to 85.51 at 79.88. On the upside, above 83.09 will flip bias back to the upside for a test on 85.51 resistance.

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, however, break of 80.50 will dampen this view and turn focus back to 76.40 low instead.

[m.youssif]

USD/JPY's fall from 85.51 extends further to as low as 81.87 so far and at this point, intraday bias remains on the downside as long as 83.09 minor resistance holds. Sustained trading below 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) will argue that whole rebound from 76.40 is already completed at 85.51 and deeper fall should then be seen to 61.8% retracement of 76.40 to 85.51 at 79.88. On the upside, above 83.09 will flip bias back to the upside for a test on 85.51 resistance.

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, however, break of 80.50 will dampen this view and turn focus back to 76.40 low instead.