[m.youssif]

USD/JPY drops further to as low as 80.69 in early US session and intraday bias remains on the downside for 61.8% retracement of 76.40 to 85.51 at 79.88 first. Sustained break there will target a retest on 76.40 spike low. On the upside, above 81.68 minor resistance will turn bias neutral and bring consolidations. But break of 82.76 is needed to signal short term bottoming. Otherwise, outlook will remain cautiously bearish.

In the bigger picture, persistent weakness in the pair after hitting 85.51 dampens the bullish view that an important bottom is formed at 76.40. Also, 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. Break of 80.50 support 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]

USD/JPY drops further to as low as 80.69 in early US session and intraday bias remains on the downside for 61.8% retracement of 76.40 to 85.51 at 79.88 first. Sustained break there will target a retest on 76.40 spike low. On the upside, above 81.68 minor resistance will turn bias neutral and bring consolidations. But break of 82.76 is needed to signal short term bottoming. Otherwise, outlook will remain cautiously bearish.

In the bigger picture, persistent weakness in the pair after hitting 85.51 dampens the bullish view that an important bottom is formed at 76.40. Also, 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. Break of 80.50 support 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.