USD/JPY decline in price is contained further donw after price failed to hold above key 81.50 support level and this cuts the way for reversed towards higher trading, and retest of the upper trend line, and bring back above it – this would make it strong one. However price is making still a sustain gain above 80.22 support level, which give signs that pair has accumulated lots of strength, USD/JPY’s higher trading is still in progress after price is making a sustain gain above 77.54 level, after pair managed to break above crucial 77.54 resistance level and price managed a sustain gain and higher trading this give a signs that USD/JPY’s decline in price seems to be over after pair found a support level and reversed from it towards 79.53 level. Our intraday bias is bullish as long as pair is trading above 77.09 resistance level. Sustain trade below 76.81 would indicates that rebound will resume and price would extend further down. In that case, price should target 76.52 support level. If that key support that doesn’t hold price will trigger down move to 75.94 level.
On the opposite side, recovery is in progress after price is making a sustain trade above 80.22. Price to extend further, pair should overcome 84.50 level and manage a sustain gain, Only sustain gain above that resistance level would make path for further increase in price – towards 90.00 level.
Daily Pivots: Pivot Point – 81.05, 1st Support – 80.88, 1st Resistance – 81.47