There is no change in price movement, currently pair is in choppy move, USD/JPY’s reverse is still in place after pair broke above 79.53 resistance level, but failed to make a positive retest of the 80.22 resistance level, but reverse entered in choppy range movement that currently cuts further extend in price, USD/JPY’s rebound shows some signs of weakness after pair dropped below 80.22 support level and now is trading around this level towards bring back above it, USD/JPY managed a reverse in price towards higher trading and thus cuts decline in price, pair is making a sustain gain above key 80.22 support level which can give early signs that bulls are coming in the market, 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 – 79.38, 1st Support – 79.30, 1stResistance – 79.85