[m.youssif]

USD/JPY drops further to as low as 81.61 so far today and the break of 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) argue that whole rebound from 76.40 is already finished. Intraday bias remains on the downside and deeper decline should be seen towards 61.8% retracement of 76.40 to 85.51 at 79.88. On the upside, above 83.09 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain cautiously bearish.

In the bigger picture, the deeper then expected fall from 85.51 dampens the view that USD/JPY has bottomed out at 76.40 in the long term. Also, considering that USD/JPY is still limited by a falling 55 weeks EMA and the long term falling trend line, down trend from 124.13 could still be in progress. A break of mentioned 79.88 fibonacci level will bring a test on 76.40 low first.

[m.youssif]

USD/JPY drops further to as low as 81.61 so far today and the break of 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) argue that whole rebound from 76.40 is already finished. Intraday bias remains on the downside and deeper decline should be seen towards 61.8% retracement of 76.40 to 85.51 at 79.88. On the upside, above 83.09 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain cautiously bearish.

In the bigger picture, the deeper then expected fall from 85.51 dampens the view that USD/JPY has bottomed out at 76.40 in the long term. Also, considering that USD/JPY is still limited by a falling 55 weeks EMA and the long term falling trend line, down trend from 124.13 could still be in progress. A break of mentioned 79.88 fibonacci level will bring a test on 76.40 low first.