[m.youssif]

Despite recovering to 82.76, USD/JPY failed to sustain gain above 4 hours 55 EMA and dips again today. Intraday bias is turned neutral for the moment. On the downside, break of 81.26 will indicate that fall from 85.51 has resumed and would then target 61.8% retracement of 76.40 to 85.51 at 79.88 and below. On the upside, above 82.76 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]

Despite recovering to 82.76, USD/JPY failed to sustain gain above 4 hours 55 EMA and dips again today. Intraday bias is turned neutral for the moment. On the downside, break of 81.26 will indicate that fall from 85.51 has resumed and would then target 61.8% retracement of 76.40 to 85.51 at 79.88 and below. On the upside, above 82.76 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.