USD/JPY Daily Outlook
Daily Pivots: (S1) 107.98; (P) 108.36; (R1) 109.08;
Intraday bias in USD/JPY remains on the upside for the moment. Current development suggests that medium term trend is possibly reversing. Further rally would be seen to 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next. On the downside, below 107.77 minor support will turn intraday bias neutral first.
In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.2774; (P) 1.2816; (R1) 1.2890;
Intraday bias in USD/CAD remains on the upside for the moment. The rise from 1.2526 is expected to extend to 1.3124 resistance next. On the downside, below 1.2749 minor support will turn intraday bias neutral first. But for now, further rise will be expected as long as 1.2526 support holds.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
