[m.youssif]

With 82.41 minor resistance intact, intraday bias in USD/JPY remains on the downside and current decline from 85.51 could extend further towards 61.8% retracement of 76.40 to 85.51 at 79.88 and below. Nevertheless, above 83.09 will suggest that pull back from 85.51 has completed and would flip bias back to the upside for retesting this resistance.

In the bigger picture, with 80.50 support intact, we're still favoring the case that long term down trend from 124.13 has completed at 76.40 on bullish convergence condition in weekly MACD. Above 85.51 will target 94.97 cluster resistance (38.2% retracement of 124.13 to 76.40) and above. However, note that strong resistance has been seen from the falling 55 weeks EMA and long term falling trend line. That is, there is no confirmation of reversal yet. A break of 80.50 will indicate that rebound from 76.40 was likely just a correction and the long term down trend is still in progress for another low below 76.40.

[m.youssif]

With 82.41 minor resistance intact, intraday bias in USD/JPY remains on the downside and current decline from 85.51 could extend further towards 61.8% retracement of 76.40 to 85.51 at 79.88 and below. Nevertheless, above 83.09 will suggest that pull back from 85.51 has completed and would flip bias back to the upside for retesting this resistance.

In the bigger picture, with 80.50 support intact, we're still favoring the case that long term down trend from 124.13 has completed at 76.40 on bullish convergence condition in weekly MACD. Above 85.51 will target 94.97 cluster resistance (38.2% retracement of 124.13 to 76.40) and above. However, note that strong resistance has been seen from the falling 55 weeks EMA and long term falling trend line. That is, there is no confirmation of reversal yet. A break of 80.50 will indicate that rebound from 76.40 was likely just a correction and the long term down trend is still in progress for another low below 76.40.