[m.youssif]

USD/JPY's decline is still in progress and extends further to as low as 79.58 so far today. Intraday bias remains on the downside and the break of 61.8% retracement of 76.40 to 85.51 at 79.88 now sets the stage for deeper fall to retest 76.40 spike low. On the upside, above 80.43 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. The break of 80.50 support indicates 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's decline is still in progress and extends further to as low as 79.58 so far today. Intraday bias remains on the downside and the break of 61.8% retracement of 76.40 to 85.51 at 79.88 now sets the stage for deeper fall to retest 76.40 spike low. On the upside, above 80.43 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. The break of 80.50 support indicates 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.